Trading on the Tokyo Stock Exchange opened with a fall in quotes amid investors' expectations of a recession due to the situation with US tariffs, The Guardian reports.
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The Nikkei index, which tracks 225 leading Japanese companies, lost 8.8% in the first minutes after the session opened, reaching 30,792 points. This is the first such fall in the index since October 2023, the newspaper writes.
Japan's TOPIX index also fell more than 8%.
In South Korea, trading on the Kospi index, which serves as an indicator of the country's stock market performance, was suspended due to a sharp drop in stocks.
The key index of the Hong Kong Stock Exchange HSI lost more than 9% and fell to 20.7 thousand points, Bloomberg writes.
The CSI 300 index fell by almost 5%. The yield on China's 10-year bonds fell by 10 basis points and approached a record low, the agency notes.
Background
On April 2, US President Donald Trump imposed tariffs on more than 200 countries and territories. Duties of 20% will apply to goods from the European Union, 34% from China, and 46% from India.
The S&P 500 index, which includes the largest American corporations, fell by 10.5% amid the announcement of new economic measures. Companies in the index lost about $5 trillion in market value.
In addition, the 10% tariff included the uninhabited Australian islands of Heard and McDonald in the southern Indian Ocean. Officially, no one lives there, only penguins. The White House explained that the islands were included in the list because they are considered Australian territory.
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