Nikkei 225 plunges: Loses $250 billion

Japan’s Nikkei 225 Stock Average tumbled to its third largest decline resulting in a sell-off that erased more than $250 billion in equity value.

At the close of trading in Tokyo the Nikkei 225 Stock Average sank 9.4 percent or 952.58 at 9,203.32 this is the largest fall since October 1987. Also the broader Topix index saw its biggest loss in 21 years falling 8 percent or 78.60 at 899.01.

Losses increased throughout the day’s trading as Indonesia’s exchange suspended trading and markets across Asia sank.

Mizuho Financial Group took a hammering and fell 7.7 percent as bankruptcies surged to the highest since May 2003. The world’s second largest car maker Toyota Motor Corp fell the most in 21 years.

Read the full article: Bloomberg