Asia Stocks Sink as Japan Caps Worst Week Since Financial Crisis
- Topix tumbles 5.4 percent in Tokyo as yen holds advance
- Mainland shares in Hong Kong drop to lowest since 2009
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Asian stocks extended the selloff that sent global equities into a bear market, with the regional benchmark index heading for its lowest close since 2012, as Japanese shares tumbled to cap their worst week since the financial crisis.
The MSCI Asia Pacific Index dropped 2.8 percent to 113.21 as of 4:01 p.m. in Hong Kong. The gauge is headed for a 6 percent decline this week. The Topix index slumped 5.4 percent on Friday, bringing its weekly drop to 13 percent, as investors resumed trading after a holiday to the prospects of a stronger yen. Combined losses in U.S. and European equities dragged the MSCI All-Country World Index down 20 percent from a record reached in May, the common definition of a bear market.