Nikkei 225 Falls 2.5% in Morning Session, Topix Down 1.3%

The gap between the Nikkei's 2.5% decline and the Topix's milder 1.3% drop points to weakness concentrated in the large-cap, export-heavy names that carry the Nikkei's weighting, rather than a uniform de-risking across the Japanese market. That distinction matters for anyone tracking how Japanese equities transmit into crypto and other risk assets, since an index-led move can say more about a handful of heavyweights than about broad sentiment. Whether the selling broadens into the Topix or stays confined to the Nikkei's larger constituents is the open question.