Building on the substantial losses from the previous session, Japan's stock market fell sharply on Tuesday. The Nikkei 225 Index retracted from recent record highs to dip under the 38,400 levels. This downward move was influenced by a mixture of cues from global markets overnight and was fueled by losses in key stocks such as exporters and financials.
The key Nikkei 225 Index has shed 443.67 points or 1.14 percent, coming to rest at 38,376.82 after plummeting to a low of 38,271.38 earlier in the day. This follows a significant decrease in Japanese shares on Monday.
Market giant SoftBank Group has shed almost 2 percent, while apparel retail company Fast Retailing stands unchanged. Among automobile manufacturers, Honda and Toyota have dropped by more than 1 percent and close to 3 percent, respectively.
In the technology sector, semiconductor-related companies such as Advantest and Tokyo Electron dipped by 0.3 percent and almost 3 percent, respectively, while Screen Holdings showed a minor rise of 0.2 percent.
Regarding the banking sector, well-known banks including Sumitomo Mitsui Financial, Mitsubishi UFJ Financial, and Mizuho Financial have each tracked a downward trajectory exceeding 3 percent.
Leading exporters are weak. Major corporations such as Panasonic, Canon, Sony, and Mitsubishi Electric have lost nearly 2 percent, 0.5 percent, about 1 percent, and close to 5 percent, respectively.
Among other significant losers, both Renesas Electronics and Mitsui & Co. have dropped nearly 5 percent. Similarly, companies such as MS&AD Insurance, Marubeni, and Tokyo Gas, among others, have seen a decline exceeding 4 percent.
On the other hand, no significant gains were reported in other sectors.
In the currency market, the US dollar is performing stronger in the higher 146 yen-range on Tuesday.
US stocks were vulnerable to downside risk in early trading on Monday, following a period of pressure from the previous session. However, they managed to recover as the day progressed, resulting in the Dow closing with a slight gain.
Meanwhile, European markets exhibited mixed results by the close of their trading day. The UK's FTSE 100 Index rose slightly by 0.1 percent, while the French CAC 40 Index and the German DAX Index decreased by 0.1 percent and 0.4 percent, respectively.
Crude oil prices also settled lower on Monday. Worries over demand outlook from China and anticipation of major US consumer price inflation data spurred a cautious approach. West Texas Intermediate Crude oil futures for April concluded the session down $0.08 or 0.1 percent at $77.93 a barrel, marking the third consecutive session of decline.
