Market turmoil in Asia: Nikkei tumbles 6%

Stock indices in Japan and South Korea saw sharp declines amid growing fears surrounding artificial intelligence.

Sharp losses were recorded this morning (Thursday) in Asian stock markets, as Japan's Nikkei index tumbled by more than 6% following the market open, as reported by Newsday and WRAL. Simultaneously, semiconductor stocks in South Korea took a hit, falling 10% in pre-market trading, according to Bloomberg. The negative trend is attributed to growing investor anxiety regarding a slowdown in the artificial intelligence (AI) sector.

Separately, data from the Philippines indicates an increase in the unemployment rate to 5.4% in September, a trend attributed by Rappler to the fact that job creation is lagging behind the growth of the labor pool. Further details have not yet been released.