As results come in Asian markets take a battering on EU referendum volatility

Josh Martin
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Asian markets reacted with volatility (Source: Getty)

Markets in Asia-Pacific were battered by the swings in the EU referendum vote count.

The Nikkei main market in Tokyo was down by 2.9 per cent in mid-morning trading in the Japanese capital.

Australia's main index, the ASX, was down more than 2 per cent although pared losses as the Remain vote overtook Leave at around 2:30am.

Read more: City of London plumps overwhelmingly for Remain in tight EU referendum

The Hang Seng in Hong Kong recovered from a fall of close to 0.5 per cent, while the South Korean index fell 1.2 per cent. New Zealand's NZX index fell by 0.6 per cent.

World markets also watched sterling have a roller-coaster of a night.

"Sterling is getting smackadoodled," said Tim Kelleher - Head of FX Institutional Sales New Zealand for ASB Bank in New Zealand. "While we thought it was all going to be "Remain", it's quite clearly not going to be as clear cut as that."

The pound swung between $1.50 to as low as $1.41 as the polls closed, votes counted and results announced.

Read more: London needs more than 70 per cent Remain vote to balance Leave gains

Wild gyrations spilled across different asset classes and regions.

The safe-haven yen recouped early losses to stand at 104.70 per dollar

Safe-haven bonds immediately came back into favour, with U.S. 10-year Treasury futures TYc1 jumping a full point. Yields on the cash note US10YT=RR fell eight basis points to 1.66 per cent.