Japanese stocks slumped for a second day after the yen strengthened as investors sought haven assets amid a continuing selloff in crude oil.

The Topix slipped 1.2 percent to 1,363.46 at 9:01 a.m. in Tokyo, after closing yesterday at a one-month low. All of the 33 Topix industry groups retreated. The Nikkei 225 decreased 1.4 percent to 16,864.28. The yen traded at 117.87 per dollar after advancing 0.8 percent yesterday. Stocks also fell in the U.S. and Europe.

Futures on the Standard & Poors 500 Index added 0.2 percent today. The underlying U.S. equity measure dropped 0.6 percent yesterday to its fifth loss in six sessions. The Stoxx Europe 600 Index slid 2.2 percent to the lowest level since Oct. 20. The Federal Reserve starts a meeting today on monetary policy and the timeline for raising U.S. benchmark borrowing costs.

Benchmark oil prices capped a fifth day of declines, slipping to five-year lows after the United Arab Emirates said OPEC wont cut output.

The Bank of Russia raised its key rate to 17 percent from 10.5 percent as the slump in crude pushes the country, the worlds biggest energy exporter, toward a recession.

Source : Bloomberg