Japan’s Nikkei just hit its lowest close in a year

Japan Nikkei stock market

Japan’s Nikkei stock market closed on Monday at its lowest close point in a year.

The market has continued to slide over concerns of China’s economic outlook, deterioration of oil prices which have hit the lowest price point since 2003 and a continually strengthening US dollar.

The Nikkei share average fell 1.1% to 16,955.57.

Information and communication stocks dropped by 2.4% to lead the day’s declines by sector.

Softbank Group Corp. shares fell by 7.9% after Nomura Securities cut its target price to 7,550 yen per share from 8,580 yen, according to Fox Business.

Softbank was hurt by its ownership stake in Sprint. The wireless provider shed 10% of its share price in Friday’s massive sell-off on Wall Street.

Also falling by 2.5% was Mizuho Financial Group after SMBC Nikko Securities cut its rating on the stock to “neutral” from “outperform.”

The broader Topix fell 1% to end the day at 1,387.93.

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Only 3 of 33 subindexes stayed in positive territory to end a rough day of trading.

The JPX-Nikkei Index 400 also declined to end the day at 12,498.67, a 1% loss on the day.