The Nikkei Stock Average and the Tokyo Stock Price Index (TOPIX) both recorded their largest declines since August 5, a day marked by significant global market volatility. This latest selloff was precipitated by the Institute for Supply Management’s (ISM) report on August’s manufacturing activity, which revealed a contraction for the fifth consecutive month, falling short of market expectations. Particularly hard-hit were technology stocks in the U.S., including Nvidia, which saw its shares plummet, erasing $278.9 billion in market value—an unprecedented drop for a single U.S. stock.