Saudi Arabia’s Public Investment Fund (PIF) has lowered its stake in Nintendo Co. from 7.5% to 6.3%.

This move follows the sale of over 17 million shares, concluded in October, as per a filing with Japan’s finance ministry.

Nintendo’s shares fell by up to 4% on the Tokyo Stock Exchange after this announcement.

Earlier reports suggested PIF might increase its ownership, but the recent sell-off indicates a change in strategy.

Despite positioning as a long-term investor in gaming, the fund is shifting focus to support the domestic economy due to fiscal challenges affecting local investments.

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