Asian Markets Lose $1.2 Trillion After Thursday's US Bloodbath

More than $1.2 trillion in value disappeared from Asian stock markets on Friday, after a U.S. technology selloff wiped out roughly $3 trillion. Japan’s Nikkei, South Korea’s Kospi, Taiwan’s TAIEX, and Hong Kong’s Hang Seng were each 22% to 48% below their records; a bear market is defined as a fall of at least 20% from a recent peak. The Nikkei dropped about 6% that day, and Taiwan’s index fell 12.2% for the week. South Korea eased margin rules to limit forced selling, while Chinese state entities bought stocks.