TOKYO (dpa-AFX) - The Japanese stock market is trading sharply lower on Monday, extending the losses in the previous two sessions, following the broadly negative cues from Wall Street on Friday, with the Nikkei 225 tumbling 5 percent to well below the 50,750 level, with weakness across all sectors led by index heavyweights, exporters and technology stocks.
The benchmark Nikkei 225 Index is down 2,650.32 points or 4.97 percent at 50,722.75, after hitting a low of 50,566.99 earlier. Japanese shares ended modestly lower on Friday.
Market heavyweight SoftBank Group is tumbling almost 10 percent and Uniqlo operator Fast Retailing is declining more than 4 percent. Among automakers, Honda is losing more than 3 percent and Toyota is slipping more than 5 percent.
In the tech space, Advantest is tumbling almost 7 percent, Screen Holdings is sliding almost 6 percent and Tokyo Electron is declining more than 3 percent.
In the banking sector, Sumitomo Mitsui Financial is slipping almost 4 percent, Mitsubishi UFJ Financial is declining more than 3 percent and Mizuho Financial is sliding more than 4 percent.
The major exporters are lower. Panasonic is losing almost 4 percent, Mitsubishi Electric is slipping almost 6 percent, Sony is losing almost 2 percent and Canon is declining almost 3 percent.
Among the other major losers, Yokohama Rubber and Ibiden are tumbling almost 8 percent each, while IHI and Socionext are sliding more than 7 percent each. Renesas Electronics, Resonac Holdings and Taiyo Yuden are slipping almost 7 percent each, while TDK, Ryohin Keikaku, Hitachi, Murata Manufacturing, Mitsubishi Motors and Yaskawa Electric are declining more than 6 percent each.
Conversely, there are no other major gainers.
In the currency market, the U.S. dollar is trading in the higher 159 yen-range on Monday.
On Wall Street, stocks moved sharply lower over the course of the trading day on Friday, adding to the steep losses posted in the previous session. The major averages moved to the downside early in the session and slid even more firmly into negative territory as the day progressed.
The major averages climbed off their worst levels going into the end of the day but still posted steep losses. The Nasdaq plunged 459.72 points or 2.2 percent to 20,948.36, the Dow tumbled 793.47 points or 1.7 percent to 45,166.64 and the S&P 500 slumped 108.31 points or 1.7 percent to 6,368.85.
The major European markets also moved to the downside on the day. The German DAX Index slumped by 1.4 percent, the French CAC 40 Index slid by 0.9 percent and the U.K.'s FTSE 100 Index edged down by 0.1 percent.
Crude oil prices skyrocketed on Friday after Iran shut down reports of peace talks for the ongoing conflict. West Texas Intermediate crude for May delivery was up $5.32 or 5.63 percent at $99.80 per barrel.
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