Nikkei 225 closes down 2.7% at 62,907.84; Kospi falls 3.5%

The gap between the Nikkei's decline and the shallower Topix move points to weakness concentrated in large-cap, index-heavy names rather than a broad-based repricing of Japanese equities. Korea's steeper Kospi fall suggests the selling pressure is sharper in more cyclical, export-leaning markets, which is the more telling signal for risk appetite across the region. Whether the divergence between Japan's two benchmarks persists, or the Kospi's deeper drawdown spreads, is the open question worth tracking.