Nikki Drops to its Lowest Level in 3 Weeks

Japan’s Nikkei index fell on Monday to its lowest level in three weeks, pushed down by technology shares on investor concerns about growing tensions surrounding Ukraine and rising inflation risks in the United States.

The Nikkei index lost 2.23 percent to close at 27,079.59 points, the most significant daily percentage drop since January 27 and fell below the 27,000 points level for the first time since January 31. The broader Topix index fell 1.63 percent to 1930.65 points.

The session witnessed a decline in shares of heavyweights, with the retail company Fast Retail, operator of the Uniqlo clothing chain, down 3.09 percent, the SoftBank Group, which specializes in investing in the technology industry, 3.92%, and Daikin Industries, the air conditioner manufacturer, 4.1 percent.

Tire maker Bridgestone fell 8.92 percent, and the Nikkei was the worst performer, followed by M3 medical data platform, which fell 7.08 percent.

Oil exploration companies were at the forefront of the gainers among the 33 sub-indices of industries on the main index, as they jumped 6.24 percent. Inpex shares rose 6.56 percent, while Japex oil exploration shares rose 6.92 percent.