Japanese stocks fell, led by developers and banks, following a global slide that began after markets closed in Tokyo on Friday.

The Topix index declined 1.2 percent to 1,570.19 as of 9:05 a.m. in Tokyo, with all but one of its 33 industry groups falling. The Nikkei 225 Stock Average lost 0.8 percent to 19,500.45. The MSCI All Country-World Index of global developed and emerging-market shares fell 1 percent on Friday, the most in a month, as disappointing earnings, signs of higher U.S. inflation and concerns from China to Greece curbed demand for risk assets. China stepped up monetary stimulus and tightened rules around buying shares with borrowed money.

China’s leaders on Sunday lowered the amount banks must set aside as reserves by the largest amount since the the global financial crisis, following data last week that showed the economy grew at the slowest pace in six years. The move came after regulators on Friday moved to stem a surge in Chinese equities, banning a source of financing for margin trades and making it easier for short sellers to bet on declines.

E-mini futures on the Standard & Poor’s 500 Index gained 0.2 percent after the underlying gauge slumped 1.1 percent on Friday in New York, sending U.S. shares to the first weekly decline this month.

Source: Bloomberg