Global Markets | Nikkei falls 5% as surge in oil prices fans economic slowdown fears

Japan's stock market experienced a sharp decline. The Nikkei index fell over 5% to a one-month low. This selloff was driven by a surge in oil prices, sparking fears of inflation and economic slowdown. Investors are now questioning the market's upside potential. Chip and bank shares tumbled, with all industry sub-indices on the Tokyo Stock Exchange falling.