Japan: Japan's Nikkei share average fell more than 2% on Thursday, reversing earlier gains as hopes for a quick end to the Middle East conflict faded. The Nikkei closed 2.38% lower at 52,463.27, after rising as much as 0.97% during the session. The broader Topix index also reversed early gains, ending 1.61% lower at 3,611.67.
According to Qatar News Agency, the index rallied earlier this week on hopes for a de-escalation in the war, following its worst month since the 2008 global financial crisis in March. The Nikkei had risen to a 25-day average of around 54,258 earlier in the session, which was seen as a signal that the Nikkei had bottomed out.
Chip-making equipment maker Tokyo Electron fell 3.21%, dragging the Nikkei down the most. Chip-testing equipment maker Advantest also saw a significant decline, falling 6.11%. Uniqlo brand owner Fast Retailing reversed early gains to end 1.04% lower.
All but three of the Tokyo Stock Exchange's 33 industry sub-indices fell. However, the shipping sector experienced a rise of 1.9%, and heavy machinery maker Mitsubishi Heavy Industries rose 2.64%.