Grapevine

Japan stocks plunge as much as 5% with Asia markets broadly lower after Wall Street sell-off

An electronic stock board displayed inside the Kabuto One building in Tokyo, Japan, on Thursday, June 27, 2024.

Japan's benchmark indexes nosedived as much as 5% on Friday, with most Asia-Pacific markets lower after a sell-off on Wall Street overnight over recession worries.

The Nikkei extended its 2.62% slide on Thursday to lead losses in the region and reach its lowest level since February.

Both the Nikkei and Topix pared losses later in the session and were last trading at 4.56% and 4.47%, respectively.

Some heavyweight stocks that fell include Softbank Group, which tumbled over 5%, while trading houses Mitsui and Marubeni saw losses of over 8% and 6%, respectively. Semiconductor firm Tokyo Electron was down over 9%.

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 20.