"The market is pricing in a deterioration in the U.S. economy through summer"
- Koichi Kurose, chief economist at Resona Bank Ltd.
Japanese stocks fell on Monday after a report showed unemployment in the U.S. rose.
The Nikkei 225 erased 1.71 per cent, or 144.62 points, to 8,295.63. The broader Topix lost 1.89 per cent, or 13.42, to 695.51.
"This is a panic selloff," said Koichi Kurose, chief economist at Resona Bank Ltd.
"Action from policy makers is the only thing that will calm the market. The market is pricing in a deterioration in the U.S. economy through summer."
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