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Japanese Stocks Fall as Investors Turn Cautious on AI Spending; Oil Steady on US-Iran Deal Hopes

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Japanese stocks fell on Thursday as investors grew cautious over artificial intelligence spending and sustainability fears, dragging down chipmakers after a record rally on Wednesday.

The benchmark Nikkei 225 closed down 617.18 points, or 0.93%, at 65,683.26.

Oil remained stable a day after the US announced a temporary pause in strikes on Iran, raising hopes for a possible US-Iran deal to end conflict in the Middle East.

On the corporate side, SoftBank Group (TYO:9984) posted an 18% year-over-year decline in attributable net income for the fiscal first quarter to 347.3 billion yen from 421.8 billion yen, according to a Tokyo Stock Exchange filing on Thursday.

Also, NTT (TYO:9432) posted a 5.8% year-over-year increase in profit attributable to owners to 274.8 billion yen for the three months ended June 30 from 259.7 billion yen.

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