The Nikkei 225 slid close to 3% as risk-off sentiment took hold, with Sumitomo Metal Mining among the index’s weakest performers.

The company is characterized as high beta for its sector, amplifying its vulnerability during the broad selloff.

A direct competitor fell by about the same magnitude, signaling widespread sector pressure.

Market activity surged to its highest since 1996, with the index briefly crossing the 3% threshold and worsening negative sentiment.

The decline reflects an industry-wide rout in non-ferrous metals and mining, not just company-specific issues.

Sumitomo Metal Mining shares dropped 9.8% to ¥10,235 on Wednesday amid the broad market downturn on the Tokyo Stock Exchange.