TOKYO :Japan's Nikkei share average slumped to an eight-month low on Thursday after U.S. President Donald Trump revealed a broad set of reciprocal tariffs, including a 24 per cent levy on Japanese goods. The Nikkei fell as much as 4.6 per cent in early trading, dropping to 34,102.00 for the first time since August 7. By 0050 GMT, the benchmark index recouped some losses to 2.9 per cent. Of the Nikkei's 225 components, 216 were in the red, while just nine showed gains. The broader Topix lost as much as 4.3 per cent before recovering slightly to trade down 3.1 per cent. "We thought tariffs would be 10 per cent, maybe 20 per cent, but instead they were a whopping 24 per cent," said Kazuo Kamitani, an equities strategist at Nomura Securities. "Call it the Trump tariff shock," he said. "The market is firmly in risk-off mode." Banks were the worst performers among the Tokyo Stock Exchange's 33 industry groupings, sliding 6.4 per cent, as a sharp decline in bond yields at home and abroad darkened the outlook for income from lending and investing. The bourse's automaker sub-index dropped nearly 4 per cent, with a separate 25 per cent tariff on car exports to the United States set to go into effect later on Thursday. Shares of Toyota Motor slid 4.7 per cent. Chip-sector heavyweights also saw significant sell-offs. Tokyo Electron, a chip-making equipment manufacturer, dropped 5.8 per cent, while Advantest, a chip-testing equipment maker and Nvidia supplier, slumped 4.9 per cent.