Tokyo’s markets were substantially lower Friday as the Nikkei 225 dropped 2.37 percent to 16,764.09, an five-month low, and the Topix index was 2.96 percent lower to an eight-month low of 1,633.93.

The Mothers market of small and mid-caps was down 1.84 percent to 762.53.

The financial services sector saw wide declines after the Bank of Japan said it would put ¥1 trillion into the banking system as equities markets declined globally.

Mizuho Financial Group (TYO: 8411; NYSE: MFG) fell 1.7 percent to ¥707,000, while Aozora Bank (TYO: 8304), which just went public in November, was 3.2 percent lower to ¥387 after having been as much as 12 percent lower during the session.

Mitsubishi UFJ (TYO: 8306; NYSE: MTU) dropped 3.3 percent to ¥1.18 million, investment bank Nomura (TYO: 8604; NYSE: NMR; SGX: N33) was down 4.8 percent to ¥2,080, and Shinsei Bank (TYO: 8303) fell 9.9 percent to ¥390.

All of these declines came even though Japanese banks are said to be less exposed to subprime loans than banks in the US and in Europe.

Exporters were also lower on the session.

Carmaker Toyota (TYO: 7203.T; NYSE: TM; LSE: TYT) was 2.5 percent lower to ¥7,090, while Sony (TYO: 6758; NYSE: SNE) was down 3.7 percent to ¥5,780 and camera manufacturer Canon (TYO: 7751; NYSE: CAJ) dropped 3.9 percent to ¥6,240.

The Tokyo markets were mixed Tuesday.

The Nikkei 225 managed to end the session 0.04 percent higher to 16,921.77, holding on to at least a few of its early gains in which it rose as high as 17,049.45.

The Topix index, however, dropped 0.47 percent to 1,660.16, as low as it has gone since January, and the Mother’s market of small and mid-caps fell 2.05 percent to 801.

Shares connected to energy fell as crude oil prices dropped.

Trader Mitsubishi (TYO: 8058; OTC: MSBHY) was 4.2 percent lower to ¥3,230, while Mitsui (TYO: 8031) fell 5.2 percent to ¥2,485.

Oil exporter Inpex (TYO: 1605) was down 8 percent to ¥1.04 million.

Financial services were mixed.

Broker Nomura (TYO: 8604; NYSE: NMR; SGX: N33) added 0.5 percent to ¥2,145, but Mizuho Financial (TYO: 8411; NYSE: MFG), Japan’s second biggest bank by assets, fell 2.1 percent to ¥687,000 and Sumitomo Mitusi Financial Group (TYO: 8316) dropped 0.5 percent to ¥970,000.

Mizuho has dropped 18 percent since July 31.

Shinsei Bank (TYO: 8303) was 3.4 percent higher to ¥432 as it reported that it had only lost $30 million on subprime loans, but it also said that it has over six times that amount of US mortgage-backed securities that could be affected.

In the automobile manufacturing sector, Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) was 1 percent higher to ¥7,250 on a report that it has told its parts suppliers that it will increase global production next year,