Japanese stocks plunged deeper into a bear market, wiping out gains from early in the day as a global equities rout resumed.
The Topix index fell 2.8 percent to 1,301.49 at the close in Tokyo, reversing gains of as much as 1.6 percent. The Nikkei 225 Stock Average closed 2.4 percent lower at 16,017.26. Both gauges on Wednesday capped declines of more than 20 percent from their 2015 peaks. The MSCI All-Country World Index is also on the brink of a bear market amid plunging energy prices, rising U.S. interest rates and concern over China’s ability to manage a transition to more sustainable growth.
All 33 Topix industry groups closed lower on elevated volume. The Nikkei Stock Average Volatility index jumped 11 percent to 42.56 on Thursday, extending Wednesday’s 16 percent surge.