Japan's Nikkei sinks to 1-1/2-year low, bank index plunges 17pc

Japan's Nikkei share average tumbled nearly 9 percent early on Monday, while an index of Japanese bank stocks plunged as much as 17 percent, as concerns over a tariff-induced global recession continued to rip through markets.

The Nikkei dropped as much as 8.8 percent to hit 30,792.74 for the first time since October 2023. The index was trading down 7.3 percent at 31,318.79, as of 0034 GMT.

All 225 component stocks of the index were trading in the red.

The broader Topix sank 8 percent to 2,284.69.

A topix index of banking shares slumped as much as 17.3 percent, and was last down 13.2 percent. The bank index has borne the brunt of the sell-off in Japanese equities, plunging as much as 30 percent over the past three sessions.

REUTERS