A gauge of fear in Japanese stock markets has surged to the highest level since the Covid crisis in 2020 as a sharp spike in oil prices dampens optimism about the country’s economic outlook and corporate earnings.

The stock market today remained on edge as investors waited for the February jobs report and as the war in Iran continued. Futures tied to the Dow Jones dropped by 200 points, while those linked to the S&P 500 and Nasdaq 100 indices fell by ~100 points.