As key stocks from across various sectors tumbled on selling pressure, the benchmark Nikkei 225 index plunged to 8,359.6, hitting a new low for the year. The index is currently trading at 8,371, down 108.6 points or 1.3 percent from its previous close.
Automobile, real estate, non-ferrous metals, financial and pharmaceuticals stocks are mostly trading weak.
Shares of Olympus Corp are down more than 5 percent. Sojitz Corp, MS&AD Insurance, Fanuc, Fujitsu, JFE Holdings, Nomura Holdings, Fujikura, Furukawa and Sumco Corp are trading lower by 3 to 5 percent.
Trend Micro, Mitsubishi Chemicals, Nippon Steel, Pacific Metals, Mitsui OSK Lines, Kobe Steel, Komatsu, Fuji Electric, Japan Tobacco, Mitsui Mining and Toho Zinc are losing over 2 percent.
Isuzu Motors is down with a loss of 3.4 percent. Honda Motor, Nissan Motor, Mitsubishi Motor and Toyota Motor are trading lower by 2 to 2.5 percent. Hino Motors and Suzuki Motor are also trading sharply lower.
Among bank stocks, Aozora Bank is trading notably higher. Bank of Yokohama, Chiba Bank and Shizuoka Bank are down with modest losses, while Mitsubishi UFJ Financial, Mizuho Financial and Shinsei Bank are trading lower by 1.3 to 2 percent.
GS Yuasa is trading stronger by over 5 percent. Nitto Boseki, Unitika, Minebea, Sharp Corp, Tokyo Electric Power, Central Japan Railway and J Front Retailing are also trading firm.
In the currency market, the U.S. dollar traded in the upper 76 yen range in early deals in Tokyo. The yen is currently trading at 76.98 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Australia, Hong Kong, South Korea, Singapore and Taiwan are trading notably lower. New Zealand is trading with modest losses, while Malaysia is down marginally. Markets across the region turned in a mixed performance on Thursday.
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