Taipei shares tumbled more than seven percent in the island’s steepest ever intra-day decline. An index of small-cap stocks in Tokyo dived 12 percent to the lowest since May 2014.

The broader Topix index of all first-section shares dropped 2.67 percent, or 41.72 points, to 1,531.36. Trading volume was 84 percent higher than the 30-day intraday average.

Tokyo shares ended sharply lower with its benchmark Nikkei stocks index plunged over 4 percent on Monday as sentiment here was hit by concerns over global economy and fast advanced yen. “Long-only accounts are joining the selling and what’s standing out are Europe and U.S.-based pension funds, which up until now have nearly never been sellers”.

The downturn in the Chinese markets thus accelerated even though the government had announced on the weekend to allow the Chinese pension funds to invest in the stock markets. Almost 4 billion shares on the Topix changed hands. Real-estate and financial shares led declines, while Toyota Motor Corp. was the biggest drag on the measure. Mitsubishi UFJ sank 8.3 percent, while real estate developer Mitsui Fudosan Co. fell the most since May 2013, dropping 8.3 percent.

More than $5 trillion has been wiped off global stocks since China unexpectedly devalued its currency on August 11. The losses accelerated as the auto giant said its biggest source of production in China would remain closed until Wednesday following this month’s deadly explosions in the port city of Tianjin.

“Last week’s bloodbath and this mornings continued sell off in Asia has an altogether different feel to it, coming as it does in conjunction will a plunging oil price, with US WTI crude traded below $40 a barrel for the first time since 2008″. 61 percent, from Friday at 18,540.68, hitting the lowest closing level in about six months. Cancer treatment developer OncoTherapy Science Inc. and Internet marketer Adways Inc. dropped at least 16 percent.