Kristolina Georgieva warns against retaliation to US levies while US president insists ‘markets will boom’ after sweeping tariff announcement

Asian markets have posted further losses after opening on Friday, hours after US markets closed the day with some of their worst losses in five years, with tech stocks particularly hard hit.

Tokyo’s Nikkei index was down 1.8% at 34,108.23, adding to a drop of 2.77% on Thursday. The broader Topix index was off 2.3%, having lost 3.08% the previous day.

Chip-related shares were some of the worst performers on Friday, with Advantest and Tokyo Electron down 7% and 4%, respectively.

Australia’s S&P/ASX 200 index fell as much as 2% on Friday, to an eight-month low.