Nikkei Crashes Amid Broad Based Selloff

Japan stocks crashed on Wednesday as broad based selling in infra and real estate sectors hurt the mood. The stocks started on a downbeat note following an overnight tumble in the US equities and sustained losses throughout amid weak cues from Asian equities. The Nikkei 225 lost 2.80% to close at 27460, testing a new 3-months low. The Nikkei Mid and Small Cap Index also tanked 3.12%. The broader Topix Index dropped around 3% too.

Sony Corp was hit sharply and closed down 12.79%. Sony fell after gaming rival Microsoft said it will buy developer Activision Blizzard in a record $68.7 billion deal for the industry. Toyota also lost 5% after the company said it no longer expects to meet its annual production target due to a global chip crunch.
Banking and financials stayed under stress too. SoftBank fell 1.74%, Sumitomo Mitsui Financial and Mizuho Financial also lost around 1.50% each.