Japanese stocks closed slightly lower, missing a record close for the second day in a row

(1) The Nikkei Stock Average missed a record close for the second straight session on Wednesday, with tech losses dragging the broader market after U.S. stocks fell overnight. (2) Technology stocks are the worst-performing sectors in the Nikkei and broader markets, and in the broader market, precision machinery and electrical machinery. IELEC. T is in the bottom three of the 33 industry categories on the Tokyo Stock Exchange. (3) The Nikkei 225 index closed down 0.02% on the day at 40,090.78, after breaking through Monday’s all-time closing high of 40,109.23 several times. However, the index has never come close to challenging the intraday high of 40,314.64, also set on Monday. Japan’s Topix Stock Price Index (TOPIX) rose by 0.39%. (4) Technology stocks have become the main driver of the Nikkei, which is still soaring nearly 20% in 2024, amid the global frenzy for artificial intelligence (AI). (5) Kazuo Kamitani, equity strategist at Nomura Securities, said: "After achieving such a sharp rally at the beginning of the year, we now seem to have entered a period of rapid correction. ” (6) Lasertec, a maker of chip test equipment, fell 3.74% to become the biggest loser in the Nikkei. Chipmaker Renesas Electronics fell 3.09%. (7) SoftBank Group fell 1.49%, and Uniqlo store operator Fast Retailing fell 0.93%