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Japanese stocks fell for a second session as a Wall Street sell-off and rising oil renewed inflation concerns; equities had been trading near record highs. Cyclical sectors led losses, notably trading houses, banks and materials. Nomura senior strategist Takashi Ito said AI and semiconductor names, plus steelmakers and nonferrous-metal producers, could remain under selling pressure. He added that solid domestic corporate earnings prospects should cap declines, making a repeat of Wednesday’s sharp sell-off unlikely.