Japan’s Nikkei share average tumbled on Friday after another torrid day for Wall Street, with oil-related stocks leading the broad declines as crude prices slumped.
The Nikkei finished down 2.3 per cent at 21,382.62 bringing its weekly loss to 8.1 per cent.
The broader Topix was 1.9 per cent lower at 1,731.97, down 7.1 per cent for the week, reports Reuters.
On Tuesday, Japanese stocks suffered their biggest point drop since June 2016, with the Nikkei shedding 4.7 per cent.
Decliners outnumbered advancers 524 to 117 on Friday, with 33 unchanged. All sectors were in the red.
The oil and coal sector was down 4.9 per cent, while the mining sector shed 5.4 per cent.
Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and US crude output hit record highs, adding to concerns about a sharp rise in global supplies.
Nissan Motor Co shares slid 3.1 per cent after the automaker said on Thursday that its third-quarter operating profit halved, weighed by costs stemming from improper final inspection procedures at home, and higher discounts in the United States.
Shares of Nikon Corp provided a rare bright spot, up 3.0 per cent a day after the company posted upbeat earnings and forecasts.
Shares of Softbank Group Corp, Aeon Co Ltd and Yahoo Japan Corp all initially slipped in line with the broader market selloff, but pared losses after national broadcaster NHK reported that the three companies will launch an online retail business.
Softbank ended with a 0.4 per cent gain and Aeon ended down 0.1 per cent.