Japan's Nikkei tumbled to a 14-month low on Monday as concerns grew that the spread of the outbreak of the Corona virus could seriously harm the global economy.
The Nikkei lost 5.1 percent to 19473.07 points, its lowest closing level since January 4, 2019, and represents the biggest daily decline since June 24, 2016.
"The markets have moved to a new stage," dealers said, referring to recent developments that included more than one US state declaring a state of emergency with the spread of the virus as well as a fall in the price of oil.
The number of people infected with the Corona virus exceeded 110,000 around the world, while the number of deaths due to the infection with the virus exceeded 3,800, with the disease spreading in more countries and causing wider economic losses.
And the broader Topix index fell 5.6 percent to 1,388.97 points, the lowest closing level since November 11, 2016. All 33 sub-sectors of the Tokyo Stock Exchange fell, and mining, banking and brokerage stocks recorded the worst performance.
Shares of oil refiners and trade fell with the sharp drop in oil prices, while Saudi Arabia plans to increase production significantly in the wake of the collapse of the production cuts agreement between OPEC and Russia.
And the shares of the two major refiners, JXTJ Holdings, fell 8.2 percent, and Edmitsu Kusan 6.6 percent, and Mitsui & Co fell 6.9 percent and Itochu Corp 5.6 percent.