Investors sought shelter in safe-haven assets after Russia launched a military operation in Ukraine in what could be the start of war in Europe over Russia's demands for an end to NATO's eastward expansion.
At closing bell, the 225-issue Nikkei Stock Average stumbled 478.79 points, or 1.81%, to 25,970.82, the first finish below 26,000 since Nov. 20, 2020. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 23.50 points, or 1.25%, to 1,87.58.
Total 28 of 33 TSE issues declined, with bottom performing sectors were Air Transportation (down 5.4%), Rubber Products (down 4.8%), Glass & Ceramics Products (down 3.3%), Wholesale Trade (down 2.4%), Pulp & Paper (down 2.3%), and Real Estate (down 2.3%).
Heavyweights led losses, with Fast Retailing, Fanuc and SoftBank Group losing 4-7%. Daiichi Sankyo finished marginally higher after announcing its Enhertu cancer drug topped chemotherapy at prolonging patients' lives. Airlines also suffered sharp drops, with ANA Holdings dipping 4.7% and Japan Airlines diving 6.2%.
CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.522, up from 96.190. The Japanese yen traded at 114.44 per dollar.
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