Japanese and South Korean stock markets close lower, with South Korean stocks down over 5%

According to Gate data, the Nikkei 225 Index closed down 1,437.91 points, or 2.11%, at 66,819.05 on Wednesday, July 8. The Korea KOSPI Index closed down 409.53 points, or 5.35%, at 7,246.78 on Wednesday, July 8. The index triggered the "trading halt" mechanism during the session and has now fallen about 20% from its June highs, approaching a technical bear market.