Seoul and Tokyo respond to the rout: Kospi closes 6% lower, authorities ready for "additional actions"

South Korea's Kospi closed at 5,059.69, down 6.02 percent, the Korea Herald reports. Foreign investors were net sellers of 2.77 trillion won. Samsung Electronics lost 6.35 percent and SK Hynix 10.44 percent; the Kosdaq fell 5.03 percent.

After an emergency meeting of financial authorities (the finance ministry, regulators and the central bank), Finance Minister Lee Hyoung-il said authorities are "ready to take additional actions should market volatility accelerate". Collateral rules on loans used to buy stocks will be lifted for three months.

Japan and Taiwan

Japanese Prime Minister Sanae Takaichi said she is aware share prices, "particularly those of AI and chip sectors, are falling sharply", Reuters reports. The Bank of Japan made no statement on the slump. Taiwan's Taiex closed 4.51 percent lower at 39,702 and TSMC 4.69 percent lower, after recovering from the morning low, according to ETtoday.