The Nikkei 225 Index dropped 2.2% to around 38,700, while the broader Topix Index fell 2% to 2,730 on Monday, reaching their lowest levels in about two weeks. This decline came after President Donald Trump imposed sweeping tariffs on key US trading partners over the weekend.
The US introduced a 25% tariff on goods from Mexico and Canada and a 10% levy on imports from China, raising concerns about the potential disruption to global trade.
Meanwhile, a summary of opinions from the Bank of Japan's January meeting revealed discussions about possible interest rate hikes due to ongoing inflationary pressures and a weak yen.
Export-driven sectors, such as automakers, semiconductor-related companies, and other manufacturers, led the downturn. Notable losses included Toyota Motor (-5%), Honda Motor (-6.9%), Advantest (-2.9%), Tokyo Electron (-2%), and Mitsubishi Heavy Industries (-2.1%).
Source: Trading Economics
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