RTTNews - Japan's stock market suffered its biggest sell off in more than four months on Monday, joining the other major markets in the Asia/Pacific region in a sharp move lower.

Trading also came as government data showed Japan's gross domestic product expanded at an annualized rate of 3.7 percent through the first quarter.

The benchmark Nikkei 225 Average dropped 328.72 points or 3.10 percent to 10,268.61.

Among the Nikkei component stocks, there were just 6 closing higher, 218 were lower and 1 were unchanged.

The broader Topix index declined 23.98 points or 2.5 percent to 949.59.

Among the sectors and stocks of interest, the major banks were broadly lower, with Mitsubishi UFJ down 16 yen or 2.64 percent, Mizuho Financial was down 8 yen or 3.39 percent on volume of nearly 180 million shares, Resona Holdings was down 18 yen or 1.35 percent and Sumitomo Mitsui was down 150 yen or 3.61 percent.

The pharmaceuticals were mixed, with Chugai Pharma one of the day's only gainers, posting a rise of 6 yen or 0.33 percent. Astellas Pharma was down 60 yen or 1.68 percent and Takeda Pharmaceuticals was down 70 yen or 1.83 percent.

Sony shares dropped 110 yen or 4.05 percent, TDK Corp fell 230 yen or 4.24 percent and Canon was down 120 yen or 3.52 percent.
Oil explorer Inpex was down 36,000 yen or 4.84 percent.

On Wall Street, markets moved sharply lower for a second straight session, with the major averages moving to multiple-week lows as fears about consumer spending raised concerns about an economic recovery.

About 45 minutes before the closing bell, the Dow Jones Industrial Average was down 165.05 points or 1.77 percent at 9,156.35, the Nasdaq Composite Index was down 49.55 points or 2.50 percent at 1,935.97 and the Standard and Poor's 500 Index was lower by 21.77 points or 2.17 percent at 982.32.

All of the major Asia/Pacific region markets finished lower on Monday.

In Hong Kong, the Hang Seng index was down 756.26 points or 3.62 percent at 20,137.07.

China's Shanghai Composite index was down 176.31 points or 5.79 percent at 2,870.63.

The BSE 30 index in India fell 626.71 points or 4.07 percent to 14,784.92.

Indonesia's Jakarta Composite index declined 9.62 points or 0.40 percent to 2.386.86.

In South Korea, the KOSPI/Seoul Composite index was down 44.35 points or 2.79 percent at 1.547.06.

The Taiwan Weighted Index was down 137.71 points or 1.95 percent at 6,931.80.

On Tuesday's economic data calendar, Japan is scheduled to release final June data for its leading and coincident indexes. Also due are July numbers for Tokyo and nationwide department store sales.

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