Japan’s stock market confirmed a bear market on Monday as the Nikkei 225 and Topix both fell over 12%, continuing last week’s sell-off in Asia-Pacific markets.

The indexes have dropped more than 20% from their July 11 all-time highs.

The Nikkei’s 12.4% loss, closing at 31,458.42, marked its worst day since Black Monday in 1987, with a record point drop of 4,451.28, erasing all gains for the year.

The Topix declined 12.23% to 2,227.15. Major trading houses like Mitsubishi, Mitsui, Sumitomo, and Marubeni plunged over 14%, with Mitsui losing nearly 20% of its market cap.

The yen strengthened to its highest level against the dollar since January, trading at 142.09.

South Korea’s Kospi fell 8.77% to 2,441.55, and the Kosdaq dropped 11.3% to 691.28, triggering circuit breakers and halting trade temporarily, CNBC has reported.

Investors are awaiting key trade data from China and Taiwan and central bank decisions from Australia and India.

Notably, China’s service sector expanded in July, with the purchasing managers’ index rising to 52.1 from 51.2 in June.

Written by B.C. Begley