Japanese stocks fell for a second day, extending a global equities slump as a rout in commodities intensified. Energy explorers and oil refiners led declines.

The Topix index declined 0.6 percent to 1,560.10 as of 9:01 a.m. in Tokyo, headed for its lowest close in a month. The Nikkei 225 Stock Average dropped 0.6 percent to 19,372.57. Global equities suffered their worst day in almost a month on Tuesday as oil lingered at its lowest level since 2009 while iron-ore prices plumbed new lows.

U.S. crude traded at about $38 a barrel after sliding to as low as $36.64 on Tuesday as OPEC’s decision to effectively abandon a limit on production continued to reverberate through markets.

Source: Bloomberg