The Japanese stock market is losing on Monday following the sell-off on Wall Street Friday after the release of disappointing U.S. jobs data for the month of November. Worries about an intensifying U.S.-China trade war and a slowdown in global economic growth also dampened investor sentiment.
The benchmark Nikkei 225 Index is losing 383.65 points or 1.77 percent to 21,295.03, after falling to a low of 21,169.96 earlier. Japanese shares snapped a three-day losing streak on Friday despite a firmer yen.
The major exporters are lower as the safe-haven yen strengthened against the U.S. dollar. Sony is losing almost 3 percent, while Mitsubishi Electric and Panasonic are lower by more than 2 percent each. Canon is declining more than 1 percent.
In the tech sector, Advantest is losing 2 percent and Tokyo Electron is declining more than 2 percent.
Among the major automakers, Honda is lower by almost 2 percent and Toyota is down more than 1 percent. In the banking sector, Mitsubishi UFJ Financial is declining 1 percent and Sumitomo Mitsui Financial is losing almost 1 percent.
In the oil space, Inpex is edging down less than 0.1 percent, while Japan Petroleum is gaining more than 4 percent after crude oil prices rose more than 2 percent on Friday.
Among the other major gainers, Chiyoda Corp. is rising more than 2 percent and Tokyo Tatemono is advancing almost 2 percent.
On the flip side, Pioneer Corp. is losing more than 28 percent following news that private equity firm Baring Private Equity will buy the cash-strapped electronics firm for $900 million. Minebea Mitsumi and Cyberagent are declining more than 6 percent each.
In the currency market, the U.S. dollar is trading in the lower 112 yen-range on Monday.
On Wall Street, stocks closed sharply lower on Friday after the Labor Department's closely-watched monthly jobs report showed U.S. employment increased by much less than expected in the month of November.
The Dow tumbled 558.72 points or 2.2 percent to 24,388.95, the Nasdaq plunged 219.01 points or 3.1 percent to 6,969.25 and the S&P 500 slumped 62.87 points or 2.3 percent to 2,633.08.
The major European markets moved mostly higher on Friday, although the German DAX Index edged down by 0.2 percent. While the French CAC 40 Index advanced by 0.7 percent, the U.K.'s FTSE 100 Index jumped by 1.1 percent.
Crude oil prices rose on Friday after OPEC and non-OPEC members agreed to cut production by 1.2 million barrels per day next year. WTI crude futures for January rose $1.12 or 2.2 percent at $52.61 a barrel on the New York Mercantile Exchange.
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