Japanese markets tumble as incoming PM calls for loose monetary policy

Japanese markets slumped after Ishiba expressed support for the Bank of Japan's moves to raise interest rates from their near-zero level and also backed other policies, such as possibly raising corporate taxes.

The Nikkei average tumbled 4.80 percent to 37,919.55 while the broader Topix index closed 3.47 percent lower at 2,645.94.

Automakers Honda Motor, Toyota and Nissan plunged 6-8 percent after the dollar fell from over 146 yen to under 143 yen.

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Industrial production in Japan was down a seasonally adjusted 3.3 percent on month in August, the Ministry of Economy, Trade and Industry said on Monday. On a yearly basis, output slumped 4.9 percent.