Japan stocks plunge as much as 7%, hovering near bear market territory, as Asia shares extend sell-off
SUMMARY
Asian markets saw a significant sell-off, led by Japan's Nikkei 225 and Topix indices, which plunged nearly 7%, nearing bear market territory. Heavy losses were recorded by major Japanese trading houses like Mitsubishi, Mitsui & Co., Sumitomo, and Marubeni, all of which fell over 10%. This decline comes amid investor anxiety over upcoming trade data from China and Taiwan, as well as central bank decisions in Australia and India. The yen strengthened to its highest level against the dollar since January, trading at 144.97. Other Asian markets also suffered, with Taiwan's Taiex down almost 8%, South Korea's Kospi losing over 4%, and Australia's S&P/ASX 200 dropping nearly 3%. The broader sell-off followed a sharp decline in U.S. stocks on Friday, with fears of an economic recession growing after a disappointing jobs report.
