Japan’s Nikkei 225 stock average sank 5% minutes after opening Monday to a 2026 low as the conflict in the Middle East continues and Brent crude trades above $115 per barrel.
The benchmark started the year at 51,010.28 and briefly reached 59,332.43 on Feb. 26, two days before the United States and Israel began their attacks on Iran.
It sank to as low as 50,566.99 on Monday morning, at 9:13 a.m.
The yen traded above ¥160 to the dollar over the weekend, a threshold that some investors and traders see as triggering government intervention.
Atsushi Mimura, vice finance minister for international affairs, said Monday that speculative moves are intensifying in the foreign exchange market.
“If this situation continues, decisive measures may soon be necessary,” he added.