Japan: Japan's Nikkei index fell to a one-week low on Tuesday after a strong rally that had propelled it to successive record highs, prompting investors to lock in profits. The Nikkei fell 3.6 percent to 69,788.38, hitting its lowest level in a week and closing below the 70,000 mark for the first time since last Wednesday. The broader Topix index also fell 2.6 percent to 3,990.38.
According to Qatar News Agency, the decline followed a strong rally driven by continued buying of artificial intelligence and semiconductor-related shares, which pushed the Nikkei above the 72,000 level for the first time on Monday, just two sessions after it broke through the 71,000 mark. A total of 184 stocks on the Nikkei 225 declined, while 41 advanced.
AI-related stocks, which had been the main driver of the market's latest rally, led the losses ahead of Micron Technology's earnings announcement. Shares of memory-chip maker Kioxia plunged 15.1 percent, while technology investment firm SoftBank Group fell 10.1 percent. Meanwhile, Fujikura, a manufacturer of cables and optical fibers, rose 5.3 percent.
Among other decliners, cable and component maker Furukawa Electric dropped 15.5 percent, while non-ferrous metals producer Mitsui Kinzoku fell 12.6 percent. Among the biggest percentage gainers, Meiji Holdings, a maker of dairy products and confectionery, rose 3.5 percent, while logistics company Nichirei gained 3.1 percent.