Japanese stocks fell on Monday as technology shares came under pressure after artificial intelligence companies called for a slowdown in development, raising investor concerns over investment spending and a possible hike in key interest rates.
The benchmark Nikkei 225 closed down 518.35 points, or 0.81%, at 63,492.99.
Oil prices extended gains, raising inflation concerns as energy supplies remained restricted through the Strait of Hormuz and the Bab el-Mandeb route came under threat. New Houthi strikes on key Saudi Arabian oil infrastructure disrupted global energy supplies, raising concerns over long-term disruption.
On the corporate side, SoftBank Group (TYO:9984) secured a two-year loan facility amounting to $11.9 billion last week, according to media reports.
Also, Asahi Kasei Therapeutics has begun a phase two clinical study in Japan with Cresemba, an antifungal developed by Switzerland-based partner Basilea Pharmaceutica, according to a Tokyo bourse filing on Monday.