Japan's Topix Index Plunged to The Lowest Level Since 1983

Japan’s Topix Index (TPX) plunged to the lowest level since 1983 and entered a bear market, after disappointing U. S. Jobs and China services data added to evidence the global economy is slowing. Toyota Motor Corp. (7203) dropped 3.5 percent after reporting lower-than-estimated U. S. Sales. Sony Corp. (6758), Japan’s No. 1 exporter of consumer electronics, fell below 1, 000 yen for the first time since 1980, when the company introduced its iconic Walkman in the U. S. Hitachi Construction Machinery Co. (6305), which depends on China for 17 percent of its sales, fell 3.9 percent after a report suggested growth in China is slowing. Nippon Yusen K. K. (9101) led shippers lower after a measure of cargo rates dropped. Companies that do business in China fell. Hitachi Construction Machinery fell 3.9 percent 1, 392 yen. Trading company Emori & Co. (9963), which depends on China for 41 percent of its sales, dropped 1.2 percent to 902 yen. Source: bloomberg.com