The Asian markets plunged further on Monday, deepening a global stock rout.
This is reportedly triggered by US President Donald Trump’s recent announcement of global reciprocal tariffs.
Japan’s benchmark Nikkei fell by more than 8 per cent shortly after opening, according to Reuters.
The share average, which tracks 225 of the country’s most valuable companies, fell below the 33,000 level for the first time since August 2024, according to Reuters.
The broader Topix index last traded more than 7.5 per cent lower, recovering from its steepest losses.
Japan’s Nikkei share average tumbled nearly 9 per cent, while an index of Japanese bank stocks plunged as much as 17 per cent.
The Nikkei dropped as much as 8.8 per cent to hit 30,792.74 for the first time since October 2023.
The index was trading down 7.3 per cent at 31,318.79, as of 0034 GMT, Reuters reports.
All 225 component stocks of the index were trading in the red.
The broader Topix sank 8% to 2,284.69.
A Topix index of banking shares slumped as much as 17.3 per cent, and was last down 13.2 per cent.
The bank index has borne the brunt of the sell-off in Japanese equities, plunging as much as 30 per cent over the past three sessions, according to Reuters.
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