The Nikkei Stock Average fell sharply on the 6th, and its closing loss was the third-largest on record, Yahoo! News Business reported. The benchmark closed more than 3,600 points lower and ended below 58,000.
The Tokyo stock market sold off across the board, with the Nikkei closing down 3,643 points, according to the Yomiuri Shimbun. It was the first close below 60,000 in five and a half months.
The sell-off came as the tax cut bill passed the lower house of the Diet. The scale of the drop puts the market's reaction among the largest single-day declines in the index's history.
Other business news
A system failure hit 128 shinkin banks — Japan's cooperative regional lenders — Kyodo News reported. The economy ministry issued a business improvement order to Chubu Electric Power.
US stocks plunged, wiping out ¥395 trillion in market capitalization. Of loans extended during the coronavirus pandemic, ¥91.8 billion is now difficult to recover.