Asia Markets: Asian stocks plunge as Trump’s trade war heats up

Asian stocks on Friday extended the slide seen in the U.S. and Europe after the Trump administration launched a trade broadside against China.

Although the import tariffs had been telegraphed for weeks, Thursday’s package nonetheless sent investors into safe havens, with bonds and gold prices rising and the yen hitting its highest level against the dollar since Donald Trump’s election win.

Japan’s Nikkei Stock Average NIK, -3.54% led the way lower in early trade with a 3% slump as the yen rose sharply against other currencies Thursday.

The yen rallied further in Asian trading, with the dollar JPYUSD, +0.409156% dropping to ¥104.95 versus ¥105.28 in late New York trading Thursday.

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