Japanese stocks resumed their decline as investors weigh whether a China-fueled global rout has gone too far.

The Topix index slipped 0.5 percent to 1,382.80 as of 9:02 a.m. in Tokyo, taking its loss for the year to 11 percent. The Nikkei 225 Stock Average dropped 0.5 percent to 16,968. Both gauges gained on Tuesday. Concern over China’s ability to manage a transition to more sustainable growth has driven down global equities in 2016, compounding worries over waning global demand and falling oil prices. The International Monetary Fund cut its world expansion outlook on Tuesday.

The Topix’s 14-day relative strength index closed Tuesday at 29.8, below the level of 30 which some traders say indicates that shares will rise. When the measure slid to 24.4 on Jan. 12, the Topix jumped 2.9 percent the next day.

The MSCI All-Country World Index rose 0.5 percent on Tuesday, paring its 2016 loss to 8.7 percent. E-mini futures on the Standard & Poor’s 500 Index gained 0.1 percent after the underlying market added less than 0.1 percent on Tuesday as it reopened following a holiday.

Source: Bloomberg