Japanese markets fall sharply

Japanese markets fell sharply to extend losses for a second day running as chip-related companies succumbed to selling pressure on concerns about government intervention in the semiconductor sector.

Investors also reacted to data that showed Japan's exports sustained their steepest drop in more than four years in July. Separate set of data revealed that Japan's core machinery orders rose 3 percent in June from the previous month.

The Nikkei average tumbled 1.51 percent to 42,888.55 while the broader Topix index settled 0.57 percent lower at 3,098.91. SoftBank shares plunged 7.1 percent, Advantest plummeted 5.7 percent and Tokyo Electron gave up 1.4 percent.

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