READ HERE: Japan’s Nikkei had its worst day since 1987 on Monday, with other Asian markets plunging and European stocks nearing six-month lows

Stock markets around the world plunged on Monday, with shares tumbling amid fears that the US could be heading for a recession, pushing investors into panic-selling mode. Japan’s Nikkei is leading the sell-off, down 12.4% – its worst day since the 1987 Black Monday crash.

The situation began to unfold last week after the US released a report showing weaker than expected employment data. Economists say the slump reflected deepening concerns over the overall state of the US economy. Wall Street closed sharply down on Friday, with the technology-heavy Nasdaq Composite falling into a correction, with the slide continuing on Monday.

Asian markets plunging

Japan’s benchmark Nikkei 225 stock index led the global meltdown with its biggest one-day loss ever on Monday, plunging 12.4%. Analysts have attributed the drop to US jobs data and the rising yen. The scale of the losses marked the worst day for the index since the Black Monday crash of 1987. The Tokyo Stock Price Index (Topix) also dropped by 12.23% on Monday.