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3w ago

Japan's Nikkei and Topix Plunge Over 9% as Global Market Sell-Off Deepens

Fears of a tariff-induced global recession drive sharp declines in Japanese banking stocks and broader Asian markets.

Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo
People take pictures of a monitor displaying Topix share average and Nikkei share average outside a brokerage in Tokyo, Japan, July 4, 2024. REUTERS/Kim Kyung-Hoon/File Photo
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A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.

Overview

  • Japan's Nikkei index tumbled nearly 9% on Monday, hitting its lowest level since October 2023 and falling below the 33,000 mark for the first time since August 2024.
  • The broader Topix index dropped over 9%, triggering a circuit breaker during early trading to temporarily halt market activity.
  • Japanese banking stocks bore the brunt of the sell-off, with a sector index plunging as much as 17%, reflecting heightened investor concerns.
  • The global market downturn, attributed to escalating US trade policies and tariff fears, has erased over $5.4 trillion in market value in recent sessions.
  • Asian markets, including South Korea, Taiwan, and Singapore, experienced significant declines, underscoring regional vulnerability to global economic uncertainty.