Nikkei slides to 26-year closing low

Japan’s Nikkei average slid 6.4 percent on Monday to its lowest close in 26 years as the yen advanced on the dollar, battering exporters such as Toyota Motor Corp amid a slide in Asian shares.

Mitsubishi UFJ Financial Group and other large banks were hammered on concerns they may need to raise billions of dollars each to offset hefty losses on their stock portfolios.

The benchmark Nikkei shed 486.18 points to 7,162.90, its lowest close since October 1982. The broader Topix fell 7.4 percent to 746.46.