Japan’s Nikkei sinks most in 5 weeks as oil surges on Ukraine war concerns

TOKYO – Japan’s Nikkei share average plunged the most in more than five weeks on Monday, as the Russia-Ukraine war showed no signs of abating, pushing up oil and other commodity prices and stoking fears of a stagflationary shock to the global economy.

The Nikkei lost 2.94% to end at 25,221.41, its biggest drop since Jan. 27. Earlier in the session, it hit its lowest since November 2020 at 25,006.26, near the psychological level of 25,0000.