Tokyo: The Nikkei index slipped for the second consecutive day on Thursday, impacted by profit-taking in the artificial intelligence sector and escalating trade tensions with China. The index fell 1.6 percent to close at 51,117.26 points after losing 1.1 percent on Wednesday, while the broader Topix index lost 0.8 percent.
According to Qatar News Agency, the Nikkei recorded a record high closing level on Tuesday after a wave of gains over the past few months, driven largely by optimism about artificial intelligence. The recent downturn has been attributed to profit-taking by investors in the AI sector and concerns about trade relations with China.
Shares of Japanese chemical manufacturing companies experienced declines after China's Ministry of Commerce announced an anti-dumping investigation into imports of chemicals used in chipmaking. Shares of Shin-Etsu Chemical fell four percent, while Mitsubishi Chemical shares declined 0.4 percent.
Market movements saw seventy-four stocks rise on the Nikkei while 149 stocks fell. SoftBank Group was among the biggest losers, with its shares dropping 7.6 percent, while Sumitomo Pharma topped the gainers with a 7.8 percent rise.