Japanese Nikkei fell Monday to its lowest level in 14 months due to the drop in oil and the growing fears of a widespread outbreak of the Corona virus.
According to Reuters, the Nikkei lost 5.1 percent to 19473.07 points, the lowest closing level since January 4, 2019, and represents the largest daily decline since June 24, 2016.
Dealers said the markets have moved to a new stage, referring to recent developments, among which more than one US state has declared a state of emergency with the spread of the virus as well as a fall in the price of oil.
The number of people infected with the Coronavirus has exceeded 110,000 around the world, while the number of deaths from the virus has exceeded 3,800, with the disease spreading in more countries and causing wider economic losses.
The broader Topix index fell 5.6 percent to 1,388.97 points, its lowest closing level since November 11, 2016.
All 33 sub-sectors of the Tokyo Stock Exchange fell, and mining, banking and brokerage stocks posted the worst performances.
Shares of oil refiners and trade fell with the sharp drop in oil prices, while Saudi Arabia plans to increase production significantly following the collapse of the production cuts agreement between OPEC and Russia.
And the shares of the two major refiners, GXTJ Holdings, fell 8.2 percent, and Edmitsu Kusan 6.6 percent, and Mitsui & Co fell 6.9 percent and Itochu Corp 5.6 percent.
