Japanese stocks tumbled toward a bear market as a global selloff deepened amid a collapse in commodity prices that has pushed oil to a 12-year low.

The Topix dropped 2.5 percent to 1,367.79 as of 9:24 a.m. in Tokyo, taking its loss since a high on Aug. 10 to 19 percent. The Nikkei 225 Stock Average fell 2.5 percent to 16,711.30, declining 20 percent since its high on June 24. The yen traded at 116.95 per dollar, after rising 0.9 percent on Friday.

All 33 industry groups on the Topix sank, led by brokerages, shippers and iron and steel producers. Heavy machinery maker IHI Corp. tumbled 6.2 percent to be among the biggest declines on the Nikkei 225. SoftBank Group Corp. slumped 6.1 percent after subsidiary Sprint Corp. plunged 10 percent in New York on Friday. Central Japan Railway Co. was the only stock to rise on the Nikkei 225, adding 0.1 percent.

E-mini futures on the Standard & Poor’s 500 Index lost 0.4 percent after the underlying gauge slid 2.2 percent on Friday. U.S. markets are closed Monday for a holiday.

Source: Bloomberg