Japan's Nikkei Enters Bear Market as South Korean Stocks Fall 6%

Japan's Nikkei 225 entered bear-market territory Friday as it fell 6%, while South Korea's KOSPI also shed 6% after an earlier plunge triggered a circuit breaker.

The Nikkei fell 3,666.99 points, or 6%, to 57,410.91. It is more than 20% below its June closing peak, placing it in technical bear-market territory.

South Korea's KOSPI fell 324.15 points, or 6.02%, to close at 5,059.65. Earlier, the index dropped more than 8%, moved below 5,000 and triggered its 11th circuit breaker of the year. The government then held an emergency meeting to review market conditions, and the index pared some losses before the close. At the end of trading, it stood 59.65 points above the 5,000 mark it had breached earlier.

South Korea's KOSDAQ index also finished 5% lower, extending the losses beyond the KOSPI. The selloff hit technology shares as well: SK Hynix slid more than 10%, while Samsung Electronics fell 6.35%.