Asian markets plunged on Monday, with Japan’s Nikkei 225 suffering a sharp 7.8% drop to close at 31,136.58, amid escalating global tensions triggered by U.S. President Donald Trump’s sweeping reciprocal tariffs. The steep fall marks one of the index’s worst sessions since the early days of the COVID-19 pandemic, with futures trading for the benchmark briefly suspended during morning trade.
U.S. stock futures pointed to continued volatility, with S&P 500 futures down 3.7%, Dow Jones futures losing 2.9%, and Nasdaq futures tumbling 4.7%. The declines followed Friday’s brutal session where the S&P 500 fell 6%, the Dow dropped 5.5%, and the Nasdaq composite slid 5.8% — the most severe sell-off since March 2020.
In response to the growing market turmoil, Japanese Prime Minister Shigeru Ishiba is expected to hold a phone conversation with President Trump as early as tonight, according to FNN. Market participants are closely watching the call for any signs of de-escalation or policy adjustments, which could influence global investor sentiment.
Despite concerns over the economic fallout, Trump reaffirmed his tariff stance while speaking to reporters aboard Air Force One on Sunday night. “I don’t want markets to fall,” he said, “but sometimes you have to take medicine to fix something.”
The heightened uncertainty continues to weigh on global equities, with investors bracing for further volatility in the days ahead.
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