Japanese stocks tumbled to their weakest levels since early January on Monday, extending last week’s selloff triggered by the rout in global stock markets and worries investments funded by a cheap yen were being unwound.

The Nikkei share average is down 15 percent in three sessions and seemed set for its biggest three-day plunge since 2011, as banking stocks led the decline.

It fell as much as 7 percent to 33,369.37 earlier in the session, its lowest level since early January, and was last down 5.6 percent at 33,912.29 as of 0057 GMT.

The broader Topix was down 6.6 percent at 2,370.18.

The local currency yen, a safe-haven and carry-funding favourite, traded at 145.43, up 0.8 percent versus the dollar, after hitting a mid-January peak of 145.28 in early deals.

The yen is up 10 percent against the dollar in just over three weeks, driven in part by the Bank of Japan’s interest rate rise last week and an unwinding of yen-funded carry trades.

U.S. stocks sold off for a second straight session on Friday, and the Nasdaq Composite index confirmed it was in correction territory after a soft jobs report 한국을 stoked fears of an oncoming recession and expectations for a big Federal Reserve rate cut in September.

“Domestic equities tanked purely because of the worries that the U.S. economy may be heading to a recession,” said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

“Today’s sell-off was driven by fear that the Wall Street may fall again later in the day.”

Chip-making equipment maker Tokyo Electron tanked 8.4 percent to drag the Nikkei the most. Uniqlo brand owner Fast Retailing 4 percent and technology investor SoftBank Group lost 6.9 percent.

The banking sector fell 12 percent to become the worst sector among the Tokyo Stock Exchange’s 33 industry sub-indexes.