Investors in the US sold off stocks over fears of rising bond yields and the prospect of higher interest rates.
Japan’s benchmark Nikkei 225 index fell as much as 6% during the day, and has erased its gains for 2018.
Hong Kong’s Hang Seng Index plunged 5% by midday local time.
Australia’s benchmark ASX 200 Index closed down 3.2%, and according to local broadcaster ABC, local indices have lost some A$90 billion ($71 billion) over the past two days of trading.
Taiwan’s Taiex plummeted by about 5%…
…while South Korea’s benchmark Kospi index dropped about 2.5%, marking the largest one-day drop since Brexit.