As it became clear overnight that Britain will be leaving the European Union, markets in Asia were the first to react. In Seoul, markets tumbled nearly 4 percent. The stock markets of Hong Kong and Shanghai were down.
And in Japan, the Nikkei was down 8 percent. Stocks in the country suffered their worst day in five years.
At the start of the day, the yen was trading at 106 to the dollar — that dropped to 99 to the dollar as global investors sought a safe haven for their money, said Gavekal Dragonomics’ Arthur Kroeber.