It turns out, the biggest financial victim of U.S. President Donald Trump’s decision to strike Iran is not the S&P 500, but equity markets across North Asia.

Panic selling was sweeping across Hong Kong, Seoul and Tokyo on Wednesday. South Korea’s benchmark Kospi index headed for its biggest two-day drop since 2008.

The selloff may have come as somewhat of a surprise for investors. North Asia is known for its dependence on oil and natural gas imports, but if we are talking about an economic meltdown, the Iran conflict may be pushing Europe into an energy crisis first.

© The Japan Times