Nikkei falls 2.8% amid Middle East tensions and recession fears
Japan's stock market had a rough Monday, with the Nikkei index dropping 2.8%, thanks to growing worries about a possible recession tied to Middle East tensions.
The Topix index also slid nearly 3%. The month alone has seen the Nikkei drop almost 12%, its worst month since the 2008 financial crisis.
Big names like Mitsubishi Motors and Advantest saw their shares plunge, dragging the market down further.
Japan bond yields hit 1990s levels
Japan's government bond yields jumped to levels not seen since the late 1990s, signaling investor nerves.
Shingo Ide from NLI Research Institute pointed out that these jumps are more about recession fears than actual economic slowdown.
Meanwhile, Bank of Japan Governor Kazuo Ueda said he would closely watch yen moves and warned that inflationary pressures from a weak currency could justify raising interest rates in the coming months.