In Japan, the leading Nikkei index plunged by over five percent shortly after opening, though some reports indicate a retreat of seven percentage points, highlighting a discrepancy in the perceived severity of the decline. Stock market indices in Asian markets are recording a 'plunge' due to the war in the Middle East, with the Nikkei being a large market, so many sales are required to reduce it by seven whole percentage points. In South Korea, the Kospi index is down more than four percent, though there is disagreement on the extent of the drop, with other sources reporting an 8% decline.
5 percent rise since Friday, and the American benchmark West Texas Intermediate rising to over $100 per barrel at opening on Monday. Fear of soaring oil prices plays a crucial role in market movements and is more noticeable in the large industrial giants of East Asia, such as Japan and South Korea, which heavily depend on energy imports for their vast industrial infrastructures. The government is considering the possibility of imposing a price cap on oil to restore stability to the market, a move that has not been made for 30 years.
It remains unclear which government is considering the cap or when it might be implemented, and the specific events in the Middle East causing the unrest have not been detailed in the reports.