Circuit breakers were triggered for Japan’s TOPIX index and government bond futures, halting trading until 9:26:13 a.m. local time (8:26 p.m. EST). This intervention came as the TOPIX index extended its drop to over 6%, prompting urgent measures to stabilize the market.

What Happened: The broader impact was felt across the Asia-Pacific region, with the MSCI AC Asia Pacific Index falling 2% to 173.20. Japan’s Nikkei 225 stock average plummeted 5.60% on Monday and 20% from its July peak, highlighting severe market distress. South Korea’s KOSPI index also suffered, falling 4% to 2,568.70, while NASDAQ 100 futures in the U.S. dropped as much as 2%.

Heavyweight trading houses such as Mitsubishi Motors ( MMTOF ) , Mitsui & Co ( MITSF ) , Sumitomo ( SSUMF ) , and Marubeni ( MARUF ) all plunged more than 10%.

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The sell-off continues a worrying trend from Friday, when Japan’s Nikkei 225 and TOPIX both fell over 5% and 6%, respectively.

U.S. markets also faced significant losses on Friday, sparked by a much weaker-than-expected jobs report for July. The Nasdaq led the decline, entering correction territory with a drop of more than 10% from its record high, while the S&P 500 and Dow were down 5.7% and 3.9% from their all-time highs, respectively.

Dow Jones Industrial Average futures fell by 383 points, or 0.96%, while S&P 500 futures and Nasdaq-100 futures dipped 1.6% and 2.5%.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote