Japan's Nikkei drops 2% as tech shares track US peers lower
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Japan's Nikkei share average fell 2% on Friday, marking its largest weekly drop since April, driven by declines in heavyweight tech stocks amid valuation concerns. The index slipped below 50,000, with SoftBank Group and Advantest among the top decliners. The broader Topix lost 0.8%. The market is experiencing a risk-off mood following a strong rally in AI stocks, with disappointing corporate results contributing to the decline. Notably, Recruit Holdings gained 15% after positive earnings, while Nissan Motor shares rose 5.3% after reporting a return to profit.
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