Japan stocks plunge 7% as sell-off continues | 5 Aug 2024 | Japan’s benchmark Nikkei Stock Average opened Monday trading down and soon extended losses to 7%, continuing its steep decline from the previous two sessions. The index at one point fell as much as 7.1%, or 2,540,33 points, from Friday’s close to 33,369.37 — its lowest intraday level since Jan. 5. The broader Tokyo Stock Price Index shed 7.8%. Stocks dropped elsewhere in Asia, with South Korea’s Kospi index off 3% at one stage. Shares have been in a downward spiral since Thursday, a day after the Bank of Japan aggressively raised interest rates to 0.25% from 0.1% and said it is open to more hikes this year.