Japan’s Nikkei index has worst day in decades as US recession fears grow among investors

Japan’s benchmark stock index dropped 12.4% on Monday as investors' concerns over a possible U.S. recession grow.

The drop marked the worst day for the index since the 1980s.

According to the Associated Press, the Nikkei closed down 4,451.28 points at 31,458.42 on Monday after it went down 5.8% on Friday, marking the worst two-day decline ever.

"Its worst single-day rout was a plunge of 3,836 points, or 14.9%, on Oct. 19, 1987, a global markets crash that was dubbed 'Black Monday' but proved to be only a temporary setback despite fears it might have augured a worldwide downturn," read an AP report.

According to a report on Friday, U.S. hiring fell further in July than Wall Street investors had anticipated, which has led to rising U.S. recession concerns.