Asian stocks today: Kospi, Nikkei extend losses, plunge up to 6% amid sell-off in chip stocks

Asian markets sold off sharply on July 16, led by South Korea's Kospi plunging over 6% and Japan's Nikkei 225 falling 2.4%, as renewed selling in semiconductor stocks raised concerns about sustainability of the AI-driven rally; the MSCI Asia Pacific Index slipped 1.7%. The Bank of Korea raised its benchmark policy rate for the first time since January 2023, with headline inflation climbing to 3.2% in June, its highest since 2023. Brent crude traded above $85 a barrel for a fourth straight session after fresh US strikes on Iran stoked fears of energy supply disruptions, while Wall Street had closed higher overnight with the Dow up 0.3% and Nasdaq up 0.6%.