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- Oct 22, 2014
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Asian shares have fallen sharply as investors react to the UK voting to leave the European Union.
After initial gains, Japan's benchmark Nikkei 225 closed down 7.7% to 14,982.48 points.
The UK has voted by 52% to 48% to leave the European Union after 43 years in an historic referendum.
Analysts said investor sentiment has been rattled by the looming uncertainty on markets around the globe.
As the British pound, hits its lowest levels since 1985, the yen has surged to 101 to the US dollar as investors now see the Japanese currency as a safe haven. Tokyo has for years been trying to keep the yen low as any surge in the currency hurts the country's exporters.
Other markets in Asia
In South Korea, the Kospi index was 3.9% lower at 1,909.18. The Korean won has dropped the most against the US dollar since October 2011.
Australia's ASX/200 fell sharply by 3.4% to 5,100.00 points.
In China, the mainland Shanghai Composite was down 1.2% to 2,857.58 while Hong Kong's Hang Seng is down sharply 4.7% to 19,894.12 points.
Mumbai's Sensex in India also fell by 3.4% to 26,022.60 points.
"There has been a sharp knee-jerk reaction in markets, as hopes of Bremain had gained traction in the past week," Shubhada Rao, analyst with Yes Bank in Mumbai told the BBC.
"In the near-term, equity and currency markets could test new lows, while continuing to closely watch developments in UK for the way ahead."
Brexit: Asian shares fall sharply as UK votes to leave EU
Brexit: Asian shares fall sharply as UK votes to leave EU - BBC News
After initial gains, Japan's benchmark Nikkei 225 closed down 7.7% to 14,982.48 points.
The UK has voted by 52% to 48% to leave the European Union after 43 years in an historic referendum.
Analysts said investor sentiment has been rattled by the looming uncertainty on markets around the globe.
As the British pound, hits its lowest levels since 1985, the yen has surged to 101 to the US dollar as investors now see the Japanese currency as a safe haven. Tokyo has for years been trying to keep the yen low as any surge in the currency hurts the country's exporters.
Other markets in Asia
In South Korea, the Kospi index was 3.9% lower at 1,909.18. The Korean won has dropped the most against the US dollar since October 2011.
Australia's ASX/200 fell sharply by 3.4% to 5,100.00 points.
In China, the mainland Shanghai Composite was down 1.2% to 2,857.58 while Hong Kong's Hang Seng is down sharply 4.7% to 19,894.12 points.
Mumbai's Sensex in India also fell by 3.4% to 26,022.60 points.
"There has been a sharp knee-jerk reaction in markets, as hopes of Bremain had gained traction in the past week," Shubhada Rao, analyst with Yes Bank in Mumbai told the BBC.
"In the near-term, equity and currency markets could test new lows, while continuing to closely watch developments in UK for the way ahead."
Brexit: Asian shares fall sharply as UK votes to leave EU
Brexit: Asian shares fall sharply as UK votes to leave EU - BBC News
