Japanese stocks slid, with the Topix index falling the most since April 2020 in a broad selloff, as the yen’s sharp rally weighed on exporters and the central bank’s interest rate hike dragged down real estate shares.

The Topix fell 3.2%, with all sectors declining. A measure of property stocks led losses in the index plunging 7.3% while automakers slumped 6.6%. Department stores, which had been benefiting from booming tourist spending on the back of a weaker yen, also fell. The Nikkei 225 Stock Average, which entered a technical correction last week, lost 2.5%.

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