Asian stock markets plunged on Monday morning, following sharp losses in major global stock indexes last week.
In Japan, the Nikkei 225 fell about 6%, while the Topix fell more than 7%.
This comes after weak U.S. employment data on Friday stoked fears that the world’s largest economy is slipping into recession.
Meanwhile, the yen has strengthened against the dollar since the Bank of Japan raised interest rates last week, making Tokyo stocks more expensive for foreign investors.
Elsewhere in Asia, Taiwan’s main stock index fell 6.7%, and chip manufacturing giant TSMC fell more than 6%. South Korea’s Kospi fell more than 4%.
However, Hong Kong’s Hang Seng Index fell just 0.3% in early trading, while the Shanghai Stock Exchange edged higher.
New York stocks fell sharply on Friday after official employment data showed U.S. employers added 114,000 jobs in July, far below expectations.
The data raised concerns that the long U.S. jobs boom may be coming to an end and fueled speculation about when and how much the Federal Reserve might cut interest rates.
