Japanese markets extend losses, Nikkei down 3.61%

Japanese stocks were hit hard on concerns over surging oil prices and potential supply disruptions. Chip-related stocks led losses, with Tokyo Electron, Advantest and SoftBank Group plummeting 4-7 percent.

The Nikkei average briefly lost over 2,600 points before recovering some lost ground to end the session down 3.61 percent at 54,245.54, extending losses for a third consecutive session. The broader Topix index tumbled 3.67 percent to 3,633.67.

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