KOSPI Falls 2.9% and Nikkei Slips 0.9% as Japan CPI Reaches 2.1%

KOSPI Falls 2.9% and Nikkei Slips 0.9% as Japan CPI Reaches 2.1%

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Asian technology pressure extended into Friday morning. South Korea's KOSPI was down 2.94% and Japan's Nikkei 225 was down 0.92% in delayed early-session data, while Samsung Electronics, SK hynix and SoftBank all traded lower. At the same time, Japan reported a broad acceleration in September inflation, with headline and fresh-food-excluding CPI both reaching 2.1% year on year.

The move follows Thursday's sharp global technology sell-off, when the Nasdaq Composite closed 2.60% lower and the semiconductor ETF SMH lost about 6%. Read our US closing analysis for the full handover into Asia.

Market snapshot: Asian cash prices below were sampled from delayed Yahoo Finance chart data between 00:42 and 00:53 UTC on 23 October 2026 (06:42–06:53 Bangladesh time). FX and Bitcoin were sampled around 01:03 UTC. US equity futures and commodity futures are December 2026 contracts. Quotes can change quickly; the official Asian cash close is still hours away.

Early Asia market table

Instrument	Latest / reference	Change	Early-session range
KOSPI	5,371.04	-2.94%	5,305.98–5,433.77
Nikkei 225	62,331.62	-0.92%	61,462.61–62,681.88
Samsung Electronics	KRW 206,250	-3.85%	KRW 203,500–209,500
SK hynix	KRW 1,196,000	-2.21%	KRW 1,171,000–1,216,000
SoftBank Group	JPY 4,123	-4.23%	JPY 3,962–4,123
Nasdaq 100 futures	29,175	+0.11% vs new-session reference	—
Gold futures	$4,042.50	-0.44%	—
Brent futures	$112.86	-0.27%	—
WTI futures	$99.19	-0.28%	—
Bitcoin spot	$81,377	+0.07% since 00:00 UTC	$81,012–81,441
USD/JPY	156.36	-0.26%	156.07–156.74

Korea: a second session of heavy chip pressure

The KOSPI's drop to around 5,371 follows Thursday's 3.52% decline. The early low at 5,305.98 put the index about 4.1% below the prior close before it recovered part of the opening loss.

The largest technology names remained weak. Samsung Electronics fell 3.85% to KRW 206,250 after touching KRW 203,500, while SK hynix lost 2.21% to KRW 1.196 million after an early low of KRW 1.171 million.

Thursday's official Korean close was already driven by profit-taking in chip shares and concern about returns from very large AI investment programmes. Yonhap reported that Samsung fell 4.03% and SK hynix 5.49% in that session, with decliners substantially outnumbering advancers. Friday's opening data confirm that the pressure has carried into a second day, but they do not prove a single new catalyst caused every move.

For the daily timeframe, the important distinction is between an opening flush that stabilises above 5,306 and a close that accepts below it. Intraday recovery alone would not repair the series of large technology-led declines.

Japan: inflation accelerates as the Nikkei remains under pressure

Japan's Statistics Bureau reported three September CPI measures on its new 2025 base:

• headline CPI: 102.2, up 2.1% year on year;
• CPI excluding fresh food: 102.3, up 2.1%;
• CPI excluding fresh food and energy: 102.8, up 2.4%.

The corresponding August rates were 1.9%, 1.7% and 1.9%, so the September release shows a broad acceleration. The data add a domestic rates question ahead of the Bank of Japan's 29–30 October policy meeting. They do not by themselves establish why every Japanese share moved lower.

USD/JPY traded near 156.36, about 0.26% below its new-day reference, meaning the yen was modestly stronger against the dollar. The pair's early low near 156.07 is the immediate FX reference.

The Nikkei traded near 62,332, down 0.92%, after falling as low as 61,463. SoftBank was down 4.23% at JPY 4,123 and had touched JPY 3,962. A stronger yen can be a headwind for exporters' translated earnings, while the continued AI-linked sell-off adds a separate pressure on the index's concentrated technology weights. Those are plausible channels rather than a verified attribution for the whole move.

US futures stabilise, but do not confirm an Asia reversal

December Nasdaq 100 futures were around 29,175, approximately 0.11% above the new-session reference of 29,142. S&P 500 futures were up about 0.06%, and Dow futures were almost unchanged.

That mild stabilisation matters because Thursday's US cash session showed a large internal split: the Nasdaq fell 2.60%, while the Dow finished almost flat and equal-weight S&P 500 shares rose. The overnight futures bounce is still too small to establish that technology selling has ended. A sustained move back above prior breakdown areas, accompanied by recovery in Asian chip leaders, would provide stronger evidence.

Gold, oil and Bitcoin remain near the US handover

Cross-asset moves were limited compared with the equity opening:

• December gold traded near $4,042.50, about 0.44% below its new-session reference after an early low near $4,031.60.
• Brent traded near $112.86 and WTI near $99.19. Oil remained elevated after Thursday's Iran-related supply concerns, but neither contract extended materially during this snapshot.
• Bitcoin traded around $81,377, almost unchanged since 00:00 UTC and inside a narrow early range of roughly $81,012 to $81,441.

The lack of a fresh gold, oil or Bitcoin breakout makes the equity move the clearest development in this hourly window.

The Money Man View: next one to three sessions

Base case: Asian technology indices remain volatile and vulnerable while the KOSPI stays below 5,434 and the Nikkei below 62,682, but the early rebound from session lows prevents treating the opening decline as a confirmed acceleration. The next daily close matters more than the first hour.

The case is supported by:

• a second consecutive heavy Korean technology session;
• weakness in Samsung, SK hynix and SoftBank;
• Thursday's 2.60% Nasdaq decline and roughly 6% SMH loss;
• Japan's firmer inflation backdrop and a modestly stronger yen.

The view would weaken if the KOSPI reclaims and holds above 5,434, the Nikkei holds above 62,682, and the main chip shares recover their opening ranges while Nasdaq futures remain above the 29,142 new-session reference.

Conditional scenarios and invalidation

1. Downside continuation

A break below the KOSPI's early low at 5,306 and the Nikkei's low near 61,463, followed by failed rebounds, would show that sellers still control the session. New lows in Samsung, SK hynix and SoftBank would strengthen that signal.

Invalidation: both indices reclaim their early highs and technology breadth improves rather than relying on one or two large shares.

2. Opening flush becomes stabilisation

The KOSPI holds 5,306, retakes 5,434 and the Nikkei retakes 62,682 while USD/JPY stabilises above 156.07. That would suggest the first-hour decline was an opening liquidity event rather than a fresh disorderly leg.

Invalidation: renewed index lows or Nasdaq futures losing their 29,142 new-session reference while Asian chip shares remain weak.

3. Japan macro divergence

The yen strengthens below USD/JPY 156.07 while the Nikkei stays under pressure, consistent with markets assigning more weight to firmer inflation and possible BOJ policy sensitivity.

Invalidation: USD/JPY reclaims the early high near 156.74 and Japanese equities recover without another inflation-related rates move.

These are observation frameworks, not trade instructions. The levels come from a delayed early-session sample and must be refreshed before use.

What traders and investors should monitor

• The official KOSPI and Nikkei closes, not only the opening move.
• Whether Samsung, SK hynix and SoftBank recover above their early-session highs.
• USD/JPY around 156.07 and 156.74 after the CPI release.
• Nasdaq 100 futures around the 29,142 new-session reference.
• Whether gold holds above the early $4,031.60 low.
• Brent's ability to remain near $113 and WTI's ability to retake $100.
• Japan's 29–30 October BOJ meeting and any guidance connecting inflation to policy.

Sources and methodology

Japan's CPI figures come from the Statistics Bureau of Japan's official September release. The preceding US and global sell-off was corroborated with the updated Associated Press market report, while Thursday's Korean cash close context comes from Yonhap News Agency.

Prices and ranges were sampled from Yahoo Finance one-minute chart data for the KOSPI, Nikkei 225, Samsung Electronics, SK hynix, SoftBank, US equity futures, gold, Brent, WTI, Bitcoin and USD/JPY. Cash-index quotes are delayed and remain provisional until the official close.

This market analysis was prepared with AI-assisted research and writing under The Money Man editorial workflow. It is educational information, not personalised investment advice. Markets can reverse quickly, delayed quotes may differ from executable prices and no scenario guarantees a return.