TOKYO: Japan’s main Nikkei index of shares fell in early trade on Wednesday (Apr 9) as worries about a United States-China trade war killed off a rebound rally on Wall Street.
South Korea’s currency meanwhile fell to its lowest level against the dollar since 2009, while oil prices slumped 3 per cent in early Asian trade.
In Tokyo, the Nikkei 225 was down just over 3 per cent and the broader Topix index was off 3.1 per cent.
Among the other Asian stocks, South Korea’s KOSPI fell 0.9 per cent in early trade to 2,313.69 as of 9.54am local time. Singapore’s key Straits Times Index was down 2.5 per cent to 3,383.02 as of 9.13am local time.
On Tuesday, the Nikkei had rebounded 6 per cent from heavy losses after US President Donald Trump’s announcement of sweeping tariffs last week.
Other markets in Asia and Europe had followed suit, as did Wall Street after three days of near-panic selling.
Sentiment was buoyed by hopes of tariff negotiations between the White House and Japan and South Korea.
But US stocks later turned south and all three major indices finished firmly in the red, with the S&P 500 shedding 1.6 per cent and the Dow Jones off 0.8 per cent.
