Asian markets closed sharply lower on Friday, tracking steep declines in U.S. and European stocks, which took a hit on fears of a potential trade war.
The Nikkei 225 Index was hammered 974.13 points, or 4.5%, to 20.617.86, after earlier dropping to its lowest levels in more than five months.
The benchmark also fell 4.9% for the week.
Gains in the yen, which touched its highest levels in 16 months earlier and slipped below the 105 mark, on trade-related fears also did not help stocks. Major exporters were downbeat, with Honda Motor falling 5.3% and Sony losing 2.7%.
The Hang Seng Index dumped 761.76 points, or 2.5%, to 30,309.29. Beyond trade tensions, the market was also weighed down by a 4.6% slide in index heavyweight Tencent due to a major shareholder's plan to sell its stake in the tech company.
In Korea, technology names fell sharply, with heavyweight Samsung Electronics sinking 4% and SK Hynix losing 6.2%.
South Korean steel stocks also saw steep losses, with Posco falling 5.6% by the end of the day. Dongbu Steel, a smaller player, pared early gains to close down 6.1% South Korea is one of the countries temporarily exempt from recent U.S. steel tariffs.
In Australia, all sectors closed in the red. Declines were led by the materials subindex, which lost 2.7%. Oil producers were also weaker.
CHINA
The CSI 300 dropped 115.41 points, or 2.9%, to 3,904.94, as most steel and aluminum plays in the region took a beating. In China, Baoshan Iron & Steel closed down 3.9%, and Aluminum Corp of China (Chalco) fell 3.5%.
The moves in Asia came on the back of U.S. and European stocks falling overnight after President Donald Trump signed a memorandum that would implement tariffs on up to $60 billion in imports from China.
The tariffs largely focus on technology sector goods and were intended to penalize China for, according to the Trump administration, stealing intellectual property.
In response, China on Friday proposed a list of 128 U.S. products as potential retaliation targets, according to a government statement.
In other markets
In Taiwan, the Taiex wandered lower 182.51 points, or 1.7%, to 10,823.33
In Korea, the Kospi shed 79.26 points, or 3.2%, to 2,416.76
In Singapore, the Straits Times Index fell 69.98 points, or 2%, to 3,421.39
In New Zealand, the NZX 50 staggered 85.45 points, or 1%, to 8,515.36
The ASX 200 jettisoned 116.42 points, or 2%, to 5,820.73
