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Asia stocks tumble after U.S. signals prolonged monetary tightening

Nikkei index drops nearly 3% while yen weakens to one-month low

A man walks past an electronic board showing the Nikkei stock index outside a brokerage in Tokyo on Aug. 29. (Photo by Kosuke Imamura)

TOKYO -- Asian stocks fell sharply on Monday after growing expectations for a prolonged monetary tightening in the U.S. prompted a Friday sell-off in the U.S. stock market.

Japan's benchmark Nikkei Stock Average closed down 2.7% in Tokyo. It ended the Monday session at 27,878.96, after falling to 27,788.12, the lowest point since Aug. 10.

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