The Nikkei 225 Index fell 0.9% to below 48,900 on Wednesday, pulling back from record highs as technology shares led declines, with technology stocks leading the decline as investors locked in profits after a strong rally. Major losers included SoftBank Group (-9.2%), Advantest (-3.2%), and Lasertec (-2.3%), while Fujikura (-3%) and JX Advanced (-4.6%) also posted steep losses. In contrast, Toyota Motor jumped 4.6% and IHI Corp gained 2.1%. Investors continued to assess the political landscape and policy outlook in Japan following Sanae Takaichi’s election as prime minister. Takaichi's ruling Liberal Democratic Party formed a coalition with the Japan Innovation Party, though questions about the partnership’s sustainability and whether Takaichi could pursue more extreme policies remain. On the economic front, Japan unexpectedly recorded a trade surplus in September as exports grew 4.2% while imports increased 3.3%.