TOKYO (dpa-AFX) - The Japanese stock market has finished lower in three straight sessions, tumbling more than 4,300 points or 6.5 percent along the way. The Nikkei 225 sits just above the 64,000-point plateau although it may stop the bleeding on Tuesday.
The global forecast for the Asian markets is cautiously optimistic on bargain hunting, with support expected especially among the technology and oil sectors. The European markets were soft and the U.S. bourse were mostly higher and the Asian markets figure to follow the latter lead.
The Nikkei finished sharply lower on Monday with damage in every sector, especially the technology companies.
For the day, the index tanked 2,563.52 points or 3.85 percent to finish at 64,024.60 after trading between 63,406.66 and 66,115.18.
Among the actives, Nissan Motor shed 1.73 percent, while Mazda Motor fell 1.37 percent, Toyota Motor dipped 0.96 percent, Honda Motor eased 0.42 percent, Softbank Group tanked 6.06 percent, Mitsubishi UFJ Financial retreated 1.58 percent, Mizuho Financial tumbled 2.00 percent, Sumitomo Mitsui Financial slumped 2.01 percent, Mitsubishi Electric plunged 5.75 percent, Sony Group dropped 1.43 percent, Panasonic Holdings cratered 4.79 percent and Hitachi plummeted 5.08 percent.
The lead from Wall Street suggests mild upside as the major averages opened higher on Monday but faded as the day progressed, with the Dow slipping into the red.
The Dow shed 80.77 points or 0.16 percent to finish at 50,786.01, while the NASDAQ jumped 220.23 points or 0.86 percent to close at 25,929.66 and the S&P 500 added 21.99 points or 0.30 percent to end at 7,405.73.
The rebound on Wall Street comes amid bargain hunting following last Friday's plunge, which dragged the tech-heavy NASDAQ down to its lowest closing level in a month.
The upside may be limited by growing concerns about the outlook for interest rates, as last week's robust U.S. jobs report led traders to ramp up bets on a Federal Reserve rate hike this year.
Crude oil prices edged higher on Monday as delays in the reopening the Strait of Hormuz persists. West Texas Intermediate crude for July delivery was up $0.52 or 0.57 percent at $91.06 per barrel.
Closer to home, Japan will provide May numbers for money stock later this morning, with M2 expected to rise 2.4 percent on year - up from 2.3 percent in April.
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