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Japanese Stocks Fall on AI Spending Recovery Concerns; Oil Falls on Temporary US-Iran Truce

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Japanese stocks fell amid deepening investor worries over returns on high levels of artificial intelligence spending, even as the yen gained to a three-month high after coordinated US-Japan intervention to support the Japanese currency.

The benchmark Nikkei 225 closed down 607.12 points, or 0.94%, at 63,754.90.

Oil prices fell after the US announced a temporary pause in strikes and initiated talks with Iran on reopening the Strait of Hormuz, de-escalating tensions in the Middle East and reviving hopes for a long-term deal.

On the corporate side, Mitsubishi Corp. (TYO:8058) posted a 47% year-over-year increase in profit attributable to owners of the parent to 298.52 billion yen for the three months ended June 30 from 203.12 billion yen.

Also, Marubeni (TYO:8002) posted a 21% year-over-year rise in attributable profit for the fiscal first quarter to 186.4 billion yen from 154.4 billion yen, according to a Tokyo bourse filing on Monday.

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