Asian Stocks Drop as Japan's Topix Slips Amid Global Volatility
- Japanese benchmark index drops to lowest since October 2014
- Australia enters bear market as banks extend declines
Market Turmoil: Where Do We Go From Here?
Asian stocks dropped as a week of volatile trading in global equities continued, with Japanese shares extending losses to the lowest level since October 2014 and Australia tumbling into a bear market.
The MSCI Asia Pacific Index slipped 1.4 percent to 116.49 as of 4:13 p.m. in Tokyo, poised for the lowest close since Jan. 21. Japan’s Topix index had its biggest two-day drop since August as the yen strengthened and margin calls sparked a further selloff. A gauge of global equities and the Nasdaq Composite Index edged nearer to a bear market, while the Standard & Poor’s 500 Index traded at the lowest since April 2014 amid declines in energy and technology shares. Crude tumbled almost 6 percent before rebounding on Wednesday.