Tokyo stocks drop 3% in intraday trading amid Trump recession fears

TOKYO — Japanese stocks led losses in Asia during intraday trading Tuesday, but closed only modestly lower, following Wall Street’s market sell-off overnight amid worries about the possibility of a U.S. recession. 

The fall in Japanese stocks is “quite disappointing,” said Nicholas Smith, Japan equity strategist at CLSA. “Our big concern in Japan is that Japan is a highly geared play on global trade, and global trade looks rather bad.”