Nikkei tanks more than 6% as oil prices surge

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09/03/2026 24:59

Updates stock prices, adds comments

By Junko Fujita

TOKYO, March 9 (Reuters) - Japan's Nikkei average fell more than 6% in a broad selloff on Monday after oil prices surged, stoking fears of inflation and economic slowdown.

The Nikkei .N225 fell 6.3% to 52,091.74 as of 0033 GMT. The broader Topix .TOPX slipped 5.39% to 3,514.97.

"Market players want to sell any risk assets for cash," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

"Investors are worried about the negative effect of the oil price surge on corporate profits. Also, inflation would slow down consumption, slowing down the economy."

Oil prices surged about 20% in early trade on Monday, hitting their highest since July 2022, as the expanding U.S.-Israeli war with Iran fuelled fears of tighter supply and prolonged disruptions to shipments through the Strait of Hormuz.

    Meanwhile, Iran on Monday named Mojtaba Khamenei to succeed his father, Ali Khamenei, as supreme leader, signalling that hardliners remain firmly in charge, as the week-old U.S.-Israeli war with Iran pushed oil above $100 a barrel.

All but three of the Nikkei's 225 components fell.

Chip-related shares fell, with Advantest 6857.T and Tokyo Electron 8035.T lost 9.5% and 7.2%, respectively.

Technology investor SoftBank Group 9984.T lost 9.45%.

Oil explorer Inpex 1605.T rose 1.86%.

The Topix's mining index .IMING.T rose 1% and was the only rising index among the Tokyo Stock Exchange's 33 industry sub-indices.

(Reporting by Junko Fujita; Editing by Rashmi Aich)

((junko.fujita@thomsonreuters.com;))