Sharp Declines Across Asia-Pacific Markets

Following a significant selloff on Wall Street, major stock markets in the Asia-Pacific region experienced sharp losses during Monday's afternoon session. The downturn in investor sentiment comes in response to the US administration's imposition of tariffs on numerous countries worldwide, with China quickly retaliating by imposing a 34% duty on US goods, further escalating the trade war.

Market Performance Highlights

South Korea's Kospi saw a drastic drop of 5.16%, while Hong Kong's Hang Seng and Japan's Nikkei 225 fell by 11.21% and 6.25% respectively. In mainland China, the Shanghai Composite and Shenzhen Composite plunged by 6.72% and 9.39%. Australia's S&P/ASX 200 wasn't spared, losing 4.06% of its value.

Currency Impact

The dollar also felt the pressure, trading 0.60% lower against the yen, selling for 146.2000.