Asia stocks fell sharply on Thursday after the Dow Jones Industrial Average plunged into bear market territory overnight, as the World Health Organization (WHO) declared the coronavirus outbreak a global pandemic.
The Nikkei 225 chucked 856.43 points, or 4.4%, Thursday to 18,559.63, more than 20% lower than its 52-week closing high.
The Japanese yen, often seen as a safe-haven currency, traded at 103.72 following an earlier high of 103.08.
In Hong Kong, the Hang Seng Index fell 922.54 points, or 3.7%, to 24,309.07.
U.S. President Donald Trump gave an address on Wednesday night EDT to announce measures to tackle the coronavirus outbreak. That included a ban on travelers to the United States from Europe for the next 30 days.
Trump also announced that he would ask Congress for legislative action to provide payroll tax relief, as well as other measures for several groups impacted by the virus.
Shares of airlines in Asia Pacific plunged following Trump’s announcement. Australia’s Qantas Airways dropped 9.9% while Japan’s ANA Holdings fell 5.6% and Japan Airlines plummeted 7%. In South Korea, Korean Air Lines declined 4.6%. In afternoon trade, Hong Kong-listed shares of China Southern Airlines fell 5.6% while Singapore’s Singapore Airlines shed 3.7%.
The Australian dollar changed hands at $0.6442 after seeing highs above $0.657 earlier this week.
In other markets
The CSI 300 slipped 77.52 points, or 1.9%, to 3,950.91.
In Korea, the Kospi index dropped 73.94 points, or 3.9%, to 1,834.33
In Taiwan, the Taiex subtracted 471.43 points, or 4.3%, to 10,422.32
In Singapore, the Straits Times Index faltered 105.08 points, or 3.8%, to 2,678.64
In New Zealand, the NZX 50 let go of 540.33 points, or 5%, to 10,333.27
In Australia, the ASX 200 jettisoned 421.24 points, or 7.4%, to 5,304.63.