Japan's Nikkei slides into correction zone on tech selloff, Middle East conflict

TOKYO, July 17 : Japan's Nikkei tumbled into correction territory on Friday, as a global rout in chipmakers and an escalation in the Middle East conflict prompted investors to shun risk assets.The benchmark Nikkei 225 sank 4.03 per cent to close lower at 64,141.12, after falling as much as 6.18 per cent. The index is now down 11.3 per cent from its all-time high close of 72,366.34 on June 25. The broader Topix slipped 2.72 per cent to 3,919.21. The decline followed overnight losses in U.S. equities, where technology stocks tumbled, while U.S. economic data showed strength and corporate earnings season was robust. Hawkish remarks from Federal Reserve officials on Thursday reinforced expectations for further U.S. rate hikes. The Philadelphia SE Semiconductor index tumbled 4.3 per cent overni