Asian stock markets tumbled and investors scrambled into assets perceived to be safe on nervousness over the outcome of the U.S. presidential election.
Japan's Nikkei 225 tanked 5.36 percent, or 919.84 points, at 16,251.54, as the yen, regarded as a safe haven currency, strengthened amid nervousness over the vote. Dollar/yen was trading at 102.65 as of 3:08 pm HK/SIN, after climbing as high as 105.46 earlier. At the yen's strongest level in Wednesday's session, it was fetching 101.15 per dollar.
Australia's ASX 200 closed down 1.93 percent, or 101.23 points, at 5,156.55. The index was initially up 0.8 percent at the open, before the projections came in. The benchmark index saw broad losses across all sub-indexes, except for gold which was up 9.61 percent.
It was also a historic day for Australia's stock exchange which saw a record of 1.71 million trades on Wednesday. The previous record was 1.53 million on 24 June when the U.K. referendum result was announced.
Tweet 1: Record #ASXClose 1.71 million equity market trades. Previous record was 1.53 million set on Brexit day, 24 June 2016
"Markets are in all out panic mode that President Trump could become a reality. Trump has taken the key battleground states of Ohio and Florida. If Trump does win this election then the pollsters may have wrong-footed the markets once again," said Kathleen Brooks, research director at City Index, in a note on Wednesday.
According to NBC News, Donald Trump was the projected winner in several states: Alabama, Arkansas, Georgia, Mississippi, Oklahoma, Tennessee, Iowa, Idaho, Indiana, West Virginia, South Carolina, Kansas, Missouri, Montana, Nebraska, North Dakota, South Dakota, Texas, Wyoming, Louisiana and Kentucky.
Hillary Clinton was the projected winner in eight states: California, Connecticut, Colorado, Delaware, Hawaii, Oregon, Illinois, Maryland, Massachusetts, New Mexico, New Jersey, New York, Rhode Island, Vermont and Washington. She is also projected to win in D.C.