Japan Nikkei tumbles amid concerns over financial crisis

Japan share market finished session lower on Monday, 20 March 2023, as risk aversion selloff triggered on tracking broadly negative cues from global markets on Friday, amid persistent concerns about potential global banking sector crisis.

The 225-issue Nikkei Stock Average index was down 388.12 points, or 1.42%, to finish at 26,945.67. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 30.12 points, or 1.54%, to 1,929.30.

All the 33 industry sub-indexes lost, with marine transportation, warehousing and harbour transportation service, and real estate sectors being notable losers.

In a crisis that began with the collapse of U.S.-based Silicon Valley Bank last Friday, investors lost confidence in U.S. regional banks and Credit Suisse in Europe.

Shares of banks and financials declined. Mitsubishi UFJ Financial Group lost 1.84% and Sumitomo Mitsui Financial Group slipped 1.67%. Mizuho Financial Group fell 2.3%.

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