Asia-Pacific Markets Experience Sharp Declines

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

Market Performance Across the Region

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

Currency Impact

The dollar weakened against the yen, trading 0.60% lower at 146.2000, reflecting the broader market unease.