Nikkei Asia reported South Korean stocks fell almost 10 percent and Japanese stocks fell 4 percent on June 23, with both markets flat in midday trading the next day. South China Morning Post additionally reported smaller declines in US indices, drops in Bitcoin and oil, gains in Treasuries and safe-haven currencies, and an unverified interim US-Iran agreement. Analyses differ on whether the moves reflect AI valuation concerns or reduced geopolitical risk premia.