PTITOKYO - Japan's Nikkei share average plunged the most in more than five weeks on Monday, as the Russia-Ukraine war showed no signs of abating, pushing up oil and other commodity prices and stoking fears of a stagflationary shock to the global economy.
The Nikkei lost 2.94% to end at 25,221.41, its biggest drop since Jan. 27. Earlier in the session, it hit its lowest since November 2020 at 25,006.26, near the psychological level of 25,0000.
The energy sub-sector bucked the trend, rising 4.81% as worries that Russian oil supplies would soon be choked off sent crude prices sharply higher.
Utilities also eked out a small gain. Consumer cyclicals slumped the most, down 5.05%, while tech slid 2.89%.
The broader Topix dropped 2.76%.
"The market is being driven by what looks like a spreading panic," said a trader at a domestic securities firm.
"Until we see how the U.S. stock market reacts, we won't know if it'll prove temporary or persist."
U.S. S&P 500 emini futures pointed to a 1.36% drop at the reopen, after the Wall Street benchmark lost 0.79% on Friday.
Russian President Vladimir Putin has vowed to press ahead with Ukraine's invasion, which Russia calls a "special operation", unless Kyiv surrenders, despite severe Western sanctions and widespread international condemnation.
Japan's chipmaking giants slumped, with Tokyo Electron plunging 4.87%, becoming the Nikkei's biggest drag. Advantest tumbled 5.58% and Renesas dropped 6.18%.
Panasonic dropped 5.17%, and startup investor SoftBank Group slid 5.16%.
Auto stocks also fell, led by truck maker Hino, hitting daily lower limit of 16.76% after admitting to tampering with emissions data. Parent Toyota Motor sank 6.53%.
Fellow truck maker Isuzu lost 9.13%. Suzuki plunged 8.67%, Nissan retreated 6.37% and Mazda declined 7.89%.
Honda fell 3.2%, after its announcement of a joint venture with Sony to make electric vehicles. Sony slipped 2.42%. (Reporting by Tokyo markets team; Editing by Subhranshu Sahu and Rashmi Aich)
The Nikkei lost 2.94% to end at 25,221.41, its biggest drop since Jan. 27. Earlier in the session, it hit its lowest since November 2020 at 25,006.26, near the psychological level of 25,0000.
The energy sub-sector bucked the trend, rising 4.81% as worries that Russian oil supplies would soon be choked off sent crude prices sharply higher.
Utilities also eked out a small gain. Consumer cyclicals slumped the most, down 5.05%, while tech slid 2.89%.
The broader Topix dropped 2.76%.
"The market is being driven by what looks like a spreading panic," said a trader at a domestic securities firm.
"Until we see how the U.S. stock market reacts, we won't know if it'll prove temporary or persist."
U.S. S&P 500 emini futures pointed to a 1.36% drop at the reopen, after the Wall Street benchmark lost 0.79% on Friday.
Russian President Vladimir Putin has vowed to press ahead with Ukraine's invasion, which Russia calls a "special operation", unless Kyiv surrenders, despite severe Western sanctions and widespread international condemnation.
Japan's chipmaking giants slumped, with Tokyo Electron plunging 4.87%, becoming the Nikkei's biggest drag. Advantest tumbled 5.58% and Renesas dropped 6.18%.
Panasonic dropped 5.17%, and startup investor SoftBank Group slid 5.16%.
Auto stocks also fell, led by truck maker Hino, hitting daily lower limit of 16.76% after admitting to tampering with emissions data. Parent Toyota Motor sank 6.53%.
Fellow truck maker Isuzu lost 9.13%. Suzuki plunged 8.67%, Nissan retreated 6.37% and Mazda declined 7.89%.
Honda fell 3.2%, after its announcement of a joint venture with Sony to make electric vehicles. Sony slipped 2.42%. (Reporting by Tokyo markets team; Editing by Subhranshu Sahu and Rashmi Aich)
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