Japanese stocks also retreated into a bear market Wednesday amid the ongoing pressure in Asian equities. The Topix index fell 3.7% to 1,338.97 at the close, trading at a 21% loss since a high on August 10, while the Nikkei 225 Stock Average also sank 3.7% to 16,416.19 and slid 21% off its June 24 peak, Bloomberg reports.
“The frailty in the Chinese growth remain the core problem for investors and the spotlights are not moving away from it anytime soon,” Naeem Aslam, chief market analyst at AvaTrade, said, according to CNBC.
Since the August 10 high, the iShares MSCI Japan ETF (NYSEArca: EWJ) sank 18.3%.
The global selling has also dragged the MSCI All-Country World Index, a measure of major developed and emerging markets, down more than 20% from early last year, CNBC reports.
The iShares MSCI ACWI ETF (NasdaqGM: ACWI), which tries to reflect the performance of the MSCI ACWI Index, was 21.1% lower since its May 2015 high.
Max Chen contributed to this article.