Shares in Asia fell sharply on Monday after disappointing economic data from Europe and a closely-watched signal of potential recession in the U.S. appeared on Friday.
The Nikkei 225 wilted 650.23 points, or 3%, to 21,977.11, as shares of index heavyweights Softbank Group slipped 5%, and Fanuc stumbled and 3.8%.
The Japanese yen, widely viewed as a safe-haven currency, strengthened to 110.05 against the U.S. dollar from lows above 110.6 last Friday
In Hong Kong, the Hang Seng Index removed 590.01 points, or 2%, to 28.523.35, with shares of Chinese tech giant Tencent falling more than 3%.
Korean markets also plunged, as chipmaker SK Hynix saw its stock plunge 4.2%.
The Australian dollar changed hands at $0.7083 U.S. after seeing highs above $0.714 last week.
CHINA
The CSI 300 index dropped 90.97 points, or 2.4%, to 3,742.83
Meanwhile, top U.S. officials from Washington are also set to visit Beijing later this week to resume trade negotiations with China.
China and the U.S. are expected to strike a deal sometime in April, with the uncertainty surrounding the trade fight between the two economic powerhouses weighing on investor sentiment for much of 2018.
In other markets
In Singapore, the Straits Times Index slumped 29.18 points, or 0.9%, to 3,182.92
Korea’s Kospi Index fell 42.09 points, or 1.9%, to 2,144.86
In Taiwan, the Taiex Index lost 159.59 points, or 1.5%, to 10,479.48
In New Zealand, the NZX 50 moved lower 31.68 points, or 0.3%, to 9,519.31
In Australia, the ASX 200 weakened 69.02 points, or 1.1%, to 6,126.21
