Tokyo stocks plunge on tech sell-off

Japanese shares closed sharply lower Friday, dragged down by weak tech stocks, said Timothy Pope, a market analyst for China Global Television Network (CGTN).

Tokyo stocks ended with heavy losses, as the benchmark Nikkei briefly plunged more than 5 percent, marking its third‑largest point drop on record.

The 225‑issue Nikkei Stock Average finished down 3,005.46 points, or 4.15 percent, at 69,360.88. The broader Topix index lost 53.11 points, or 1.32 percent, to close at 3,963.36.

On the top-tier Prime Market, nonferrous metal, information and communication, and electric appliance issues were notable decliners.

Stocks came under pressure from profit-taking following the Nikkei's surge of more than 3,100 points the previous session, with semiconductor-related shares bearing the brunt of selling.

Pope said SoftBank Group led the declines after reports emerged that OpenAI, in which it has heavily invested, is considering holding off on its initial public offering until next year.

"In Tokyo the Nikkei 225 was down more than 4 percent. This was mostly due to SoftBank shares going through the floor today. They lost 12 percent following a report in the New York Times which quoted insiders at OpenAI saying the company might delay an IPO until next year. The report said having the IPO this year would probably mean not hitting a trillion-dollar valuation, something which it seems the company's CEO Sam Altman is not willing to compromise on. SoftBank is heavily invested in OpenAI and would benefit hugely from its IPO, and it's also a heavyweight stock on the Nikkei, which moves at the whims of its big stocks. It didn't help the index today that so many of those these days are AI-related, Advantest and Tokyo Electron also traded sharply lower," Pope said.

Tokyo stocks plunge on tech sell-off

Zhao Leji, China's top legislator, met with visiting Bangladeshi Prime Minister Tarique Rahman in Beijing on Friday.

Zhao, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the National People's Congress (NPC) Standing Committee, said that China and Bangladesh are traditional friends and neighbors.

President Xi Jinping and Prime Minister Rahman met on Friday morning, mapping out a new blueprint for the long-term development of bilateral ties, Zhao said.

China stands ready to work together with Bangladesh to implement the important consensus reached by the leaders of the two countries, promote and practice the Five Principles of Peaceful Coexistence, deepen political mutual trust, and expand mutually beneficial cooperation, in order to advance the China-Bangladesh ties, he said.

China's NPC is willing to join hands with Bangladesh's Jatiya Sangsad, the country's parliament, to deepen the exchanges of experience in legislative and oversight work, creating a healthy rule of law environment for the pragmatic cooperation between the two countries, Zhao said.

He also elaborated on China's Ecological and Environmental Code, which was adopted in March this year.

Noting that China and Bangladesh enjoy a time-honored friendship, Rahman said that cooperation with China helps Bangladesh realize better development.

Bangladesh abides by the one-China principle, supports the global initiatives proposed by President Xi, and looks forward to enhancing comprehensive strategic cooperation with China, and deepening exchanges between the legislatures of the two countries, he said.

Rahman laid a wreath at the Monument to the People's Heroes on Tian'anmen Square on Friday morning.

China's top legislator meets Bangladeshi prime minister