Japan’s benchmark indexes nosedived on Friday, with most Asia-Pacific markets lower after a selloff on Wall Street overnight on recession worries.
In Japan, the Nikkei 225 index dropped 2,216.63 points, or 5.8%, to 35,909.70, marking its worst day since March 2020, and dropping below 36,000 mark for the first time since January.
In Hong Kong, the Hang Seng index dumped 359.45 points, or 2.6%, to 16,945.51.
The largest loser on the Nikkei was Daiwa Securities, which saw an 18.85% wipeout of its market cap.
Other heavyweight stocks that fell include Softbank Group, which tumbled over 8%, while trading houses Mitsui and Marubeni saw losses of over 10% and 8%, respectively.
Japanese government bond yields fell, with the yield on the benchmark 10-year JGB falling below the 1% mark and hitting its lowest level since June 17.
Korean markets saw their worst day since August 2020, and dragged mostly by banking stocks.
K-pop stocks were initially a bright spot in the South Korean market, but some eventually succumbed to the selloff, with only SM Entertainment and Hybe in positive territory after Hybe announced its new business strategy on Thursday after market hours.
Separately, South Korea’s inflation numbers for July came in slightly higher than expected, with the country’s consumer price index climbing 2.6% year on year, compared to the 2.5% expected by economists polled by Reuters.
Australian indexes dropped sharply, their worst day since March 2023, retreating from its all-time higher Thursday.
In other markets
In Shanghai, the CSI 300 slid 34.88 points, or 1%, to 3,884.39.
In Taiwan, the Taiex index faltered 1,004.01 points, or 4.4%, to 21,638.09.
In Singapore, the Straits Times Index deleted 38.39 points, or 1.1%, to 3,381.45.
In Korea, the Kospi index flopped 101.49 points, or 3.7%, to 2,676.19.
In New Zealand, the NZX 50 let go of 34.9 points, or 0.3%, to 12,453.04.
In Australia, the ASX 200 retreated 171.43 points, or 2.1%, to 7,943.24.
