Japanese stocks plunge as AI deleverage sends Kioxia down 16%

MarketsNikkei average briefly dives 4,100 points as memory maker and chip stocks tumbleAcross Asian markets, equity benchmarks declined on Friday, led by a sharp selloff in AI proxy stocks. (Photo by Kazuho Fujiwara)JADA NAGUMOJuly 17, 2026 12:29 JSTUpdated on July 17, 2026 17:00 JSTTOKYO -- Japanese stocks fell sharply on Friday, led by memory maker Kioxia Holdings, which at one point declined 16%, as investors unwind their previously accumulated leverage against tech stocks and concerns set in over the longevity of the AI-led rally.