SoftBank Group 9984.T lost 3.8% on concerns about falling values of its investment in tech firms, in particular Alibaba BABA.K, which has fallen over 50% from a record peak hit almost a year ago. "There's a sense that the assumption investors have had, that inflation will be temporary and earnings will continue to recover, may be crumbling," said Masayuki Doshida, senior market analyst at Rakuten Securities. Some market players said new Japanese Prime Minister Fumio Kishida's proposal to raise tax on capital gains also undermined sentiment.