Asia-Pacific markets widened losses following the sharp drop on Wall Street, as Trump tariffs have triggered a chain reaction in global markets.

The Japan‘s Nikkei was the heaviest loser, down 3.28% a little earlier, while the broader Topix was down 2.69%.

The yen is little changed after rising more than 2% on Thursday after Donald Trump announced reciprocal 24% tariffs on Japan.

The commercial bank index fell more than 10% as the prospect of higher loan spreads evaporated.

The broader Topix index was about 12% below the eight-month high reached last week and is set to close at a level that signals a technical correction.

The yield on the 10-year Treasury bond fell 13 basis points to 1.23%. BOJ Governor Kazuo Ueda said uncertainties surrounding the economy have increased.

Government officials also expressed concern, with Prime Minister Shigeru Ishiba meeting today (Friday) with opposition leaders to discuss reactions to U.S. tariffs.

The Australian S&P/ASX 200 index fell 2.08%

South Korea’s Kospi fell 1.53% and the small-cap Kosdaq was up 0.30% earlier after the country’s Constitutional Court upheld the impeachment of President Yoon Suk Yeol, ousting him from office.

The decision now starts a 60-day countdown where a presidential election must be held to elect the next president. Prime Minister Han Duck-soo has been reinstated as caretaker president in the meantime.

Hong Kong and China’s markets are closed due to the Qingming Festival.

On Wednesday, Trump unveiled reciprocal tariffs that would face more than 180 countries and territories, raising the risk of a global trade war.

US futures fell after Trump’s tariffs led to the biggest drop in US stocks in five years.

Futures linked to the blue-chip index lost 100 points, or 0.3 percent, after the 30-stock average fell more than 1,600 points in the previous session. Futures on the S&P 500 and Nasdaq 100 futures each lost 0.2 percent.

Overnight in the U.S., the three major indexes all dipped. The S&P 500 slipped back into correction territory, falling 4.84% to 5,396.52 points. The Dow Jones industrial average fell 1,679.39 points, or 3.98%, to close at 40,545.93 and the Nasdaq Composite declined 5.97% to close at 16,550.61, recording its biggest drop since March 2020.