What Analysts Say About Triggers of Japan’s Stocks Rout

Japanese stocks had their worst day since 1987, with both the Topix index and the Nikkei 225 Stock Average entering bear markets as investors fled amid a surge in the yen, tighter monetary policy and U.S. economic concerns.

Forced margin selling among retail investors was seen as exacerbating the rout, while UBS Securities cut its index targets for Japan.

Here is what analysts are saying about who is offloading shares and why, and where the...