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Japanese Shares Slip as AI Sell-Off Weighs on Investor Sentiment

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Japan's equities failed to recover from opening losses and closed in the red on Thursday, tracking the somber mood globally dragged by the sell off among AI stocks.

The Nikkei 225 closed lower by 1,741.81 points or 2.47% to 68,733.15.

Investors are also keenly eyeing the US jobs data that could provide hints towards interest rate hikes in the near future.

Meanwhile, Japanese Prime Minister Sanae Takaichi is on a three-day visit to India, where she will hold talks with Prime Minister Narendra Modi on Thursday and discuss cooperation in critical sectors including electronics components, natural resources, and energy.

Back home, Japan's monetary base, which reflects the total volume of currency in circulation and current account deposits held at the central bank, fell 13.7% year over year in June, according to data from the Bank of Japan on Thursday.

On the corporate side, Otsuka (TYO:4768) achieved positive full results from the Phase 3 VISIONARY trial evaluating VOYXACT (sibeprenlimab), according to a Tokyo bourse filing on Thursday.

Also, LY (TYO:4689) and Bain Capital have submitted a binding takeover proposal on Wednesday to take Kakaku.com private via a cash tender offer and squeeze-out, following earlier non-binding proposals in May.

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