The Nikkei 225 Index plunged 3.6% toward 31,800 while the broader Topix Index tumbled 2.9% to 2,362 on Wednesday, giving back gains from the previous session and tracking losses on Wall Street overnight as US President Donald Trump's new tariffs are set to come into effect later today. That would include a 24% tariff on Japanese goods and a 25% levy on car imports to the US. Meanwhile, Trump said that Japan is sending a team to negotiate on trade with the US, while Prime Minister Shigeru Ishiba revealed that he told Trump in a phone call to rethink his tariff policies. Financial and technology stocks led the decline, with sharp losses from Mitsubishi UFJ (-3.6%), Sumitomo Mitsui (-4.3%), and Disco Corp (-6.5%). Auto and consumer stocks also came under pressure, including Toyota Motor (-1.9%) and Sony Group (-2.7%).

Source: trading economi