Shares of Japanese automakers have fallen between 9% and 13%, as the Tokyo stock market experienced a significant downturn.
The Nikkei index, which tracks the performance of 225 major Japanese companies, including automotive giants like Honda, Mazda, Mitsubishi, and Nissan, as well as electronics manufacturer Panasonic and gaming company Nintendo, suffered a 10% drop.
The ripple effect of the American economic data was felt across the Asia-Pacific region, with other key stock indices also taking a hit. The Shanghai Composite, Hang Seng Index in Hong Kong, South Korea's KOSPI, and Australia's S&P/ASX 200 all experienced significant losses as investors reacted to the global economic uncertainty.