<div id="readability-page-1" class="page">(Updates with index levels) By Junko Fujita TOKYO, March 4 (Reuters) - Japan's Nikkei share average slipped to a one-month low on Wednesday, as investors sold risk assets amid an intensifying Middle East conflict. The Nikkei fell as much as 4.7% soon after trading resumed in the afternoon. The index was last down 4% at 54,023.63, its lowest since February 6, and was on track for a third consecutive session of losses. The broader Topix lost 4.33% to 3,608.54. The Nikkei volatility index, a gauge of investor anxiety, rose to its highest since August 2024, reflecting stronger demand for protection against stock-market declines. Investors sold down risk assets, particularly the Nikkei and the KOSPI, which have outperformed other major indexes and become a target of a heavier selloff as they try to book profits, said Kazuaki Shimada, chief strategist at IwaiCosmo Securities. Shares in Seoul's benchmark index dived 7% on the day. The Korea Exchange earlier activated circuit breakers on the KOSPI after the index tumbled 8%. Israeli and U.S. forces pounded targets across Iran on Tuesday, prompting Iranian retaliatory strikes around the Gulf as the conflict spread to Lebanon, rattled global markets and sent oil prices soaring. In Japan, chip-related heavyweights led the Nikkei's decline, with Advantest ( ADTTF ) and Tokyo Electron ( TOELF ) falling 6.8% and 5%, respectively. Technology investor SoftBank Group lost 9%. All 33 industry indexes slipped, with the oil refinery index falling 8% to be as the worst performer. (Reporting by Junko Fujita; Editing by Sumana Nandy, Rashmi Aich and Sherry Jacob-Phillips)</div>

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Japan's Nikkei share average dropped over 4% to a one-month low of 54,023.63, marking its third consecutive session of losses amid escalating Middle East conflict. The broader Topix index fell 4.33%. Investor anxiety surged, reflected in the Nikkei volatility index reaching its highest since August 2024. The selloff was led by chip-related stocks, with Advantest and Tokyo Electron down significantly. The KOSPI also faced heavy losses, prompting circuit breakers activation as global markets reacted to the intensifying conflict and rising oil prices.

Japan's Nikkei tanks more than 4% as Middle East conflict intensifies