ASIAN MARKETS CRASH ON TRUMP TARIFF MOVE

|By Adejumo Adekunle-

– Japanese Stocks Suffer Worst Blow Since 2023
– Banking Sector Bears the Brunt as Nikkei Sinks Below 31,000

Asian markets plunged deeper into turmoil on Monday, extending a global sell-off as Japan’s stock indices suffered their steepest declines in over a year.

The crash followed US President Donald Trump’s shock announcement of global reciprocal tariffs, which sparked investor fears of a broader trade war and triggered panic across markets worldwide.

Japan’s Nikkei 225—a key gauge of the country’s top corporations—plummeted nearly 9%, crashing below the 33,000 mark for the first time since August 2024. The index fell as low as 30,792.74, levels unseen since October 2023, before slightly recovering to trade 7.3% lower at 31,318.79 as of 00:34 GMT, according to Reuters.

The broader Topix index also sank 8% to 2,284.69, dragged down by a brutal sell-off in financials. A Topix sub-index tracking banking shares nosedived by as much as 17.3%, and was last seen down 13.2%. In just three sessions, the bank index has lost 30% of its value, signaling growing instability in Japan’s financial sector.

In a rare development, all 225 stocks on the Nikkei were trading in the red, underlining the widespread panic that gripped investors.

The ripple effects of Trump’s tariff policy have intensified concerns about a new era of protectionism, with market watchers warning of further volatility if global trade tensions escalate.