TOKYO: Japan’s Nikkei share average slipped to a one-month low on Wednesday, as investors sold risk assets amid an intensifying Middle East conflict. The Nikkei fell as much as 4.7% soon after trading resumed in the afternoon. The index was last down 4% at 54,023.63, its lowest since February 6, and was on track for a third consecutive session of losses. The broader Topix lost 4.33% to 3,608.54. The Nikkei volatility index, a gauge of investor anxiety, rose to its highest since August 2024, reflecting stronger demand for protection against stock-market declines. Investors sold down risk assets, particularly the Nikkei and the KOSPI, which have outperformed other major indexes and become a target of a heavier selloff as they try to book profits, said Kazuaki Shimada, chief strategist at IwaiCosmo Securities. Shares in Seoul’s benchmark index dived 7% on the day. The Korea Exchange earlier activated circuit breakers on the KOSPI after the index tumbled 8%. Israeli and US forces pounded targets across Iran on Tuesday, prompting Iranian retaliatory strikes around the Gulf as the conflict spread to Lebanon, rattled global markets and sent oil prices soaring. In Japan, chip-related heavyweights led the Nikkei’s decline, with Advantest and Tokyo Electron falling 6.8% and 5%, respectively. Technology investor SoftBank Group lost 9%. All 33 industry indexes slipped, with the oil refinery index falling 8% to be as the worst performer.