Asian stocks have tumbled after results from the US presidential polls suggested a victory for Donald Trump looked increasingly likely.
All major markets in the region are now lower, with money flowing into safe haven stocks, gold and currencies including the yen.
Meanwhile the Mexican Peso has hit an all-time low against the dollar.
As traders had expected a comfortable Hillary Clinton win, even a tight race is enough to spark volatility.
Japan’s Nikkei 225 is down by 5.2% while the Hang Seng in Hong Kong is 3.8% lower and the Shanghai Composite has lost 1.6%.
Australia’s ASX 200 dropped by 2.1% while the Kospi in South Korea is 3.1% lower.
Earlier, US and European markets closed higher – but US stock futures fell sharply with the Dow Jones index expected to lose more than 4% – 800 points – when trading resumes on Wall Street on Wednesday.
Analysis: Karishma Vaswani, Asia business correspondent
A Donald Trump win had been widely seen as negative for Asia’s economies because of some of the protectionist rhetoric he’s talked about whilst on the campaign trail. He is viewed as the “great unknown” while Mrs Clinton is seen as an example of “better the devil you know.”
And as that prospect looks more and more likely, many investors in Asia are getting concerned, and the markets are reflecting that.
On the Singapore trading floor where I’ve been all day, things started with cautious optimism that Mrs Clinton might have a significant lead, but that has all changed.
As results trickle in, the first mutterings of “too close to call” began, swiftly replaced by a growing belief that the former reality TV show host would be the next president.
Referring to another potential shock on the cards, one trader said to me “it has the feel of Brexit, all over again.”
Image copyright Getty Images Brexit echoes
The Mexican peso has seen some of the most notable fluctuations, falling more than 10% against the dollar.
The peso’s movements are seen by many as a good indicator of the election’s likely outcome, with an upward movement suggesting Hillary Clinton is ahead.
Mexico is expected to suffer if Mr Trump was elected because of his pledges to build a wall along the US border with the country and renegotiate their trade agreement.
Meanwhile the Japanese yen is viewed as a safe haven currency in situations of international volatility, so a strengthening yen suggests traders see a Hillary Clinton victory as less likely.
“2016 has been a year full of surprises. Don’t forget the markets priced in a Remain win in the Brexit referendum and got it wrong,” said Nigel Green, chief executive of deVere Group.
He warned a victory for Mr Trump could deliver a “double whammy negative impact” on global markets because they are expecting Mrs Clinton to win.
“Should she win, global financial markets will react favourably as she is seen to represent the status quo, whereas Trump is much more of an unknown and therefore will create uncertainty and the markets will react accordingly,” he said.
source: BBC
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