Japan’s Nikkei 225 stock index fell nearly 13% as investors sold off shares

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Japan’s Nikkei Index The 225-stock index plunged nearly 13% as investors worried that the U.S. economic situation might be worse than expected, leading to a massive sell-off in stocks.

The Nikkei share average fell 12.9% to 31,290.63 points in early afternoon trading on Monday. Tokyo.

The stock fell 5.8% on Friday, on track for its worst two-day drop ever.

The Nikkei’s biggest one-day drop was on “Black Monday” in October 1987, when it plunged 3,836 points, or 14.9%. In October 2008, during the global financial crisis, the Nikkei fell 11.4%, and after the earthquake and nuclear leak in Tohoku, the Nikkei fell 10.6%. Japan March 2011.

Tokyo stocks have been falling since the Bank of Japan raised its benchmark interest rate on Wednesday. The benchmark rate is now about 4% lower than it was a year ago.

The wave of selling has swept across many companies.

Toyota Motor Corp. fell 11% and Honda Motor Co. dropped 13.4%. Computer chip maker Tokyo Electron dropped 15.8% and Mitsubishi UFJ Financial Group dropped 18.4%.