Japan Financial Markets, Tokyo, Japan - 09 Nov 2016

HONG KONG — Asian indexes tumbled as early projections of the U.S. election showed Donald Trump pulling ahead in the presidential race.

As the first markets to trade on Wednesday’s results, the Japanese Nikkei closed down 5.4 percent as its currency, the yen, and other safe haven assets like gold surged. The ASX 200 also fell, ending the day down by 1.9 percent.

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The Hang Seng Index lost 2.7 percent, South Korea’s Kospi fell 2.8 percent, Straits Times Index tumbled 2.3 percent.

In China, Shanghai Composite was down 0.4 percent while the Shenzhen Composite lost 0.2 percent.

The ongoing race saw the Republican candidate win in several key swing states including Florida and Ohio. The most recent polls leading up to election day showed Hillary Clinton leading by a few points. Trump’s protectionist stance – he has sworn to drop TPP and even undo NAFTA – is seen as much more detrimental to international trade than if Clinton were to be elected.

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More from the 2016 Presidential Election:

The Fashion Industry Reacts: Execs and Designers Talk Top Priorities for President-Elect Donald Trump

Trump Victory Could Reshape Trade and Tax Policies

Wall Street Adjusts to the Idea of Trump

China-U.S. Trade War Possible in Wake of Trump Win