日韩股市跳水，半导体重挫，软银跌10%，三星电子跌4%

Market Performance - Japanese and Korean stock markets experienced significant declines, with the Nikkei 225 index dropping over 2% and the KOSPI index falling more than 3%, losing the 4000-point mark [1] - The KOSPI index saw a 4% drop amid global concerns over AI valuations, with major chip stocks like SK Hynix and Samsung Electronics declining by 5.5% and 4.6% respectively [1] - The Nikkei 225 index had previously reached a six-day high above 50,000 points, accumulating a 15% increase since early October and a 29.8% rise year-to-date [3] Factors Influencing Market Trends - Three main factors affecting the Asia-Pacific stock markets include the strengthening US dollar, recent sell-offs in high-flying assets, and ongoing trade uncertainties despite some positive signals [3] - The strong performance of the Japanese stock market was attributed to three pillars: improved corporate governance, the new NISA tax scheme, and expectations of fiscal expansion [4] - The Korean stock market's rise was linked to the recovery of the AI industry and improved order volumes, alongside anticipated corporate governance reforms [4] Recent Market Corrections - The recent downturn in Japanese and Korean markets is attributed to "crowded trades at high levels" and a strengthening dollar, leading to profit-taking and technical pullbacks [5] - Concerns over potential currency intervention and policy uncertainties have dampened risk appetite, particularly in the context of the Korean market's sensitivity to fluctuations in US AI stocks [5] Future Outlook - Future performance of the Japanese market may depend on the government's fiscal plans and reforms, which could bolster value stocks and domestic demand [5] - The Korean market faces overheating risks and will be influenced by the US AI cycle and domestic capital expenditure trends [5] - There is an increasing risk of Japanese authorities intervening in the currency market, although actual intervention is not expected in the short term [5]