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Japan's Nikkei dived 4.7 per cent, its worst fall since November 2016, to four-month lows.

Oil and coal product, machinery and pharmaceutical issues comprised those that gained the most by the close of play, and rising issues beat declining ones by 1,165 to 821 on the First Section, while 79 ended the day unchanged.

Despite the big swings, Tuesday's trading looked similar to the patterns that have shaped the market for the past year: investors bought retailers like Amazon and Home Depot and technology companies, which do better when economic growth is strong.

"After buying ran its course, investors still need time to digest the current situation and to confirm whether there are further risks" as two straight days of heavy selling has clouded the market outlook, said Kazuhiro Takahashi, senior strategist at Daiwa Securities Co.

"You'll probably see a little bit of this volatility - my gut feeling tells me - probably for another couple of days, and then things will calm down somewhat", said Peter Costa, president of Empire Executions in NY.

In the currency market, the USA dollar is trading in the mid 109 yen-range on Wednesday. Rate-sensitive utilities, down 1.5 percent, led decliners.

The rout reverberated through the Japanese market, which hit a 26-year peak last month, buoyed by last year's re-election of Prime Minister Shinzo Abe, firm global growth and strong earnings expectations by local companies.

Asian shares recouped losses across the board on Wednesday, mirroring the "correction" rally on Wall Street, though gains were in a modest range and most benchmarks fell back after opening sharply higher.

On the flip side, Japan Tobacco is losing more than 3 percent, Mitsui Engineering & Shipbuilding is lower by more than 2 percent and Marubeni Corp.is down more than 1 percent.

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Japan's Nikkei dropped 4.6 per cent.

Copper lost 1.30 percent to $7,075.85 a tonne.

In Europe, Germany's DAX fell 2.3 percent and the CAC 40 in France lost 2.3 percent. Spot gold was down 1.0 percent at $1,326.51 an ounce.

While bond yields across the world seem to have retreated after spiking to multi-year highs at the end of last week, turmoil continued on equity markets after an extended period in which prices only seemed to move in one direction.

Benchmark 10-year notes were last down slightly in price to yield 2.8054 percent, from 2.766 percent late on Monday.

The growing concerns about the pace of interest rate hikes came after U.S.jobs data on Friday showed wages were growing at their fastest pace since 2009.

"Once rates started moving, that kind of exposed some of these levered short VIX sales". The dollar had appreciated against other major currencies overnight.

The Japanese yen jumped 0.4 percent to 109.11 per dollar.


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