Nikkei 225 tumbles following weaker Tankan survey

Tokyo's benchmark Nikkei 225 stock index fell sharply on Monday after the Bank of Japan's Tankan survey showed weaker business confidence at major manufacturers. The sell-off was broad-based, including semiconductor and automobile shares.

The index ended the day at 39,803, down 1.4 percent from Friday's close. It lost more than 600 points at one stage. Analysts say institutional investors in Japan sold stocks to lock in profits at the beginning of fiscal 2024.

The Nikkei average reached an all-time high on March 22, driven by a weaker yen and robust US equity markets, but it has been volatile since then. Monday's decline meant that the benchmark closed below the 40,000 mark for the first time in two weeks.