Japanese markets led regional losses on tariff concerns

Japanese markets led regional losses as tariff concerns and a stronger yen hit exporters. The Nikkei average plunged 2.77 percent to 34,735.93 while the broader Topix index settled 3.08 percent lower at 2,568.61. Nissan Motor, Toyota Motor, Canon, Sony and Panasonic lost 4-7 percent.

In the tech sector, Softbank tumbled 3.9 percent, Advantest gave up 4.5 percent and Tokyo Electron shed 3.7 percent.

Japan services sector stagnated in March and contrasted with expansions in the past four months due to subdued market conditions, final data from S&P Global showed on Thursday.

The au Jibun Bank Japan services Purchasing Managers' Index fell to 50.0 from a six-month high of 53.7 in February. The flash score was 49.5.

At 48.9 in March, the au Jibun Bank Japan composite output index fell from 52.0 in February and posted below the neutral 50.0 level for the first time since October 2024. The flash score was 48.5.

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