Shares of Nintendo Co. fell sharply during Tokyo trading, marking their largest intraday decline since August 2024.

The stock dropped as much as 8.4%, driven by a retreat of global investors from high-performing Japanese equities amid market volatility.

Nintendo’s shares had reached an all-time high just last month, rising 23% this year prior to the decline on Mar.7. According to company data, about 50% of Nintendo’s shares are owned by foreign investors.

Ikuo Mitsui, a fund manager at Aizawa Securities Co., said, “Global investors are reducing their positions in Japanese stocks, and they now can’t even help selling the most attractive stocks they have so far held on to.”

The downturn also impacted other gaming stocks. Sony Group Corp.’s shares fell by as much as 6%, while Konami Group Corp. declined 3.8%.

Bandai Namco Holdings Inc. saw its shares decrease by 2.3%, despite being one of the year’s top performers among Japan’s 100 largest stocks.

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