Total 31 out of 33 industry category of Topix index dived into negative territory, with Air Transportation, Insurance, Banks, Warehousing & Harbor Transportation Services, Oil & Coal Products, Machinery, and Nonferrous Metals issues being notable losers.
Profit taking triggered, as some traders looked to cash in on the strong gains seen in recent days, amidst deepening concerns about the economic impact of the coronavirus after latest data compiled by John Hopkins University stated the coronavirus outbreak has already infected more than 720,000 worldwide and taken at least 33,925 lives.
Authorities across the globe have announced vast amounts of stimulus to stem the economic impact of the virus. The top American infectious disease expert said deaths from the coronavirus in the world's largest economy may reach 200,000.
The latest news on the coronavirus underlined how, while policy makers the world over have dramatically stepped up their efforts to prevent the health crisis from becoming a financial one, the health situation itself does continue to deteriorate.
Stocks were also influenced by sagging oil prices. The crude oil prices declined on Monday, with international benchmark Brent crude futures down 5.94% to $23.45 per barrel while US crude futures dropped 4.7% to $20.50 per barrel.
Saudi Arabia has kept increasing production in an effort take market share from Russia by driving lower prices, which it believes it can more comfortably absorb. The Saudi government has said it can accept prices as low as $30 per barrel.
CURRENCY: The Japanese yen, often seen as a safe-haven currency, traded at 107.45 per dollar after strengthening from levels above 110 last week.
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