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TOKYO: Tokyo stocks closed lower Wednesday after falls in European markets and with fears growing over potential recessions.

The benchmark Nikkei 225 index ended down 1.20 percent, or 315.82 points, at 26,107.65, while the broader Topix index was down 1.23 percent, or 23.15 points, at 1,855.97.

The dollar fetched 135.06 yen, against 135.87 yen in New York on Tuesday.

A slumping euro and tumbling European stocks overnight meant sell-offs dominated in Tokyo soon after trading started.

Oil rises after sell-off but euro stuck at 20-year low, equities drop

“Investors grew alarmed by the possibility of a global economic downturn, with the tendency to refrain from buying becoming particularly acute among major stocks,” Okasan Online Securities said in a note.

Among other factors contributing to investor concerns are “sharply falling crude oil prices and a rapid shift toward a stronger yen in the foreign exchange market,” the brokerage added.

Among major shares in Tokyo, Shionogi was off 1.87 percent at 6,853 yen even as a report said its new pill to treat Covid-19 will be discussed for approval again by health ministry experts later this month.

Toyota plunged 2.76 percent at 2,058 yen, Sony Group plummeted 2.47 percent at 10,830 yen, and Uniqlo casual wear operator Fast Retailing tumbled 3.14 percent at 68,080 yen.

Telecoms firm KDDI was down 0.90 percent at 4,265 yen following a major technical glitch that dominated domestic headlines and affected millions of customers.

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