The Nikkei 225 Index fell 1.4% to below 53,100 while the broader Topix Index dropped 1.8% to 3,565 on Monday, extending last week’s losses as the yen rallied on fears of a joint intervention between Tokyo and Washington to prop up the currency. The move in the currency followed reports that the New York Federal Reserve had checked dollar/yen levels with dealers on Friday, alongside comments from Prime Minister Sanae Takaichi on Sunday that her government would take necessary steps to counter speculative market moves. A firmer yen undermines earnings prospects for Japan’s export heavy sectors and raises the cost of Japanese assets for overseas investors. Export-oriented stocks led the decline, with Toyota Motor sliding 3.9%, Sony Group falling 2.2% and Fast Retailing down 1.8%. Financial and technology shares also came under pressure, including Sumitomo Mitsui, which dropped 2.4%, and SoftBank Group, which fell 4.2%.