Japanese markets fall sharply, Nikkei tumbles 1.01%

Japanese markets fell sharply on concerns of a potential bubble in AI-linked tech space and amid worries about whether Takaichi can successfully secure coalition partners.

The Nikkei average tumbled 1.01 percent to 48,088.80, heading into a three-day weekend. The broader Topix index settled 1.85 percent lower at 3,197.59.

SoftBank Group lost 3.1 percent and Tokyo Electron dropped 1.4 percent while Fast Retailing jumped 6.7 percent after posting a record high profit for the year ended August.

The yen held steady but was set for its biggest weekly loss in a year to due fiscal concerns.

Japanese wholesale prices rose 2.7 percent in the year to September, and most households expect prices to keep rising a year from now, Bank of Japan data showed today.

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