It was a bad session for Japanese stocks on Monday with the Nikkei 225 losing 4.61%.
Not only did the index slump by the most since June 2013 in percentage terms, it was the largest points fall since May 2013 – the day the US taper tantrum began.
The loss leaves the index down 11.51% from the 19-year peak of 20,952.71 struck on June 24.
At more than 10%, it is now in an official correction.
Over the past 12 months, however, the index is still up by more than 19%.