The Tokyo stock exchange Nikkei index dropped 5.56 percent in morning trade, while the Tokyo Stock Price Index (TOPIX) fell 4.16 percent to 1,410.18.
Earlier, Nikkei share average fell 2.0 percent, hitting its 6-1/2-month low. Topix share index also dropped to the lowest level since early January 2019.
As of around 01:30 GMT on Monday, the Hang Seng index also dropped to 25,134.02, stock exchange data showed.
what a day:— Matthew Brooker (@mbrookerhk) March 9, 2020
- oil down 25%
- US stock futures halted after plunging more than 5%
- Entire US yield curve below 1%
- Hang Seng Index nearing 25,000
- Australian dollar down 4.9%
Nikkei -6%. Near December 2018 lows & 2017 levels. Gave back all of 2019. Weekly broke 200 MA that acted as support then. pic.twitter.com/ocCJN9HQ0a— Trader Dende (@realKamiMoon) March 9, 2020
US West Texas Intermediate (WTI) and international benchmark Brent crude futures fell over 20 percent in Sunday night trading. Saudi Arabia has slashed the official selling price for its crude grades to all destinations as of April after OPEC's oil supply cut deal with Russia and other countries fell through.
As the new coronavirus (COVID-19) outbreak continues, states around the world are introducing measures to contain the spread of the virus, including travel bans, production cessations, and quarantines.