Global markets are plunging and it's all because investors are worried about the US.

Hello, this is the Marketplace Morning Report and we're coming to you live from the BBC World Service.

I'm Leanna Byrne and a very good morning to you. Global stocks took a big hit this morning down in Asia and Europe on fears of a US recession.

The fall was most dramatic in Japan where the Nikai suffered the biggest one day points drop ever.

Even worse than Black Monday, that infamous stock market crash in 1987.

There were a few factors at play. The BBC Morocco Ooy has been following it all.

Hello? Hi.

Mariko, I mean there has been a bit of a tech sell off for a little while, but what has sparked all the

Asian markets tanking? Well, if you are talking broadly about all of Asia it is the

job status that came out on Friday in the United States where you know as we know the

jobs market in the US has been really, really strong, but Friday's data

came in a bit weaker than what economists had expected, which triggered some investors

questioning whether the world's biggest economy could be

headed for recession. Others would completely disagree saying that

the economy is absolutely fine. The Bank of Japan, the Central Bank in Japan,

it raised its interest rates last Wednesday from you know 0.1% to 0.25%

So it's still very low compared to the rest of the world but that triggered the rally in the Japanese Yen.

We've been talking about how the Japanese Yen has been so weak and

this is exactly what the authorities wanted.

But at the same time, Japan is a nation of exporters and the strong yen firstly makes

their products more expensive abroad and also the rate hike in Japan meant that

shares in Tokyo are more expensive to foreign investors.

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