Japan’s Nikkei share average fell for a fourth straight day on Tuesday, capping its worst month since the 2008 global financial crisis as the escalating Middle East war weighed on sentiment.

The benchmark Nikkei 225 index closed down 1.6% at 51,063.72, bringing its cumulative March loss to 13.2%, the most since October 2008. Broader Topix fell 1.26% to 3,497.86.

US technology stocks fell overnight, dragging Wall Street indexes broadly lower, as war in the Middle East escalated. Iran attacked a fully loaded crude oil tanker in Dubai on Monday and set it on fire.

Japanese stocks were briefly supported after the Wall Street Journal reported that US President Donald Trump had told aides he was ready to end a military campaign against Iran even if the Strait of Hormuz remained largely closed.

“Semiconductor-related stocks fell sharply in the US market last night, and Japan is seeing selling pressure today following that trend,” said Maki Sawada, equity strategist at Nomura Securities.

“If the correction continues, 50,000 points (on the Nikkei) is likely to be seen as a key support level.”

There were 88 advancers against 135 decliners on the Nikkei. The biggest losers were all suppliers in the tech sector, including Fujikura, down 9.2%, Furukawa Electric, down 7% and Sumitomo Electric, which shed 6.9%.

The biggest gainers were SHIFT, up 3.4%, followed by Teijin Ltd, which gained 3.4%.