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Japan's benchmark Nikkei 225 index fell more than 1,500 points at its lows on Tuesday, but the benchmark pared some of those losses ahead of its close.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 80.33 points, or 4.40 percent, to finish at 1,743.41.

Japanese stocks suffered their biggest point drop since June 2016 on Tuesday, after Wall Street tumbled the previous day on fears about rising US bond yields and a potential pick-up in inflation. On Monday, the key market gauge lost 592.45 points. The broader Topix dropped 4.6 per cent to 1,740.32.

In terms of index points, it was the biggest decline since June 2016.

The S&P 500 and Dow Industrials indices slumped more than 4 per cent overnight, as the Dow notched its biggest ever intraday drop, down almost 1,600-points.

Concerns were reignited that higher inflation in the USA will lead to a hike in interest rates which would harm markets reliant on the central bank's stimulus measures. A higher yen sucks up the value in the Japanese stock market. The yen attracted purchases as a safe-haven currency following sharp falls in NY and Tokyo equities, currency traders said.

Key Asian equities fell for the second consecutive session after heavy sell-off in United States equities.

"Selling accelerated as Dow futures extended declines during Tokyo trading hours and concerns grew that USA equities will continue to fall tonight", Makoto Sengoku, a market analyst at the Tokai Tokyo Research Institute, was quoted as saying.

Falling issues overwhelmed rising ones 2,027 to 35 in the first section, while three issues were unchanged.

Shares of Toyota Motor Corp were down 3.6%.

Oil companies Japex, Inpex and JXTG met with selling, reflecting lower crude oil prices. "As share market sentiment turns negative, the value of yen goes up which is bad for the country's exporters".

By contrast, food producer Maruha Nichiro and automaker Mitsubishi Motors were among a few winners.