Nikkei 225 down 2.3%

The Nikkei is following the global trouncing in markets that took place in the US and Europe on Friday. The index is down 451 points to 18779 in early trading.

The decline since the high on Dec 1 is now 6.2%.

Today's fall breaks the 38.2% retracement of the Oct-Nov rally and the 55-day moving average.