They are recovering today, Tuesday Japanese stocks after yesterday’s heavy losses that shocked global financial markets.

The stock market index Nikkei 225 write down up to 10% rise after falling more than 12% yesterday, Monday.

The market collapse in Tokyo yesterday came after the Bank of Japan’s second interest rate hike in 17 years sent the yen soaring against the dollar, making Japanese shares – and the country’s exports – more expensive for foreign investors and buyers.

Shares in the US, UK and Europe also fell on Monday on fears that the US economy is headed for a slowdown.

Jesper Koll, chief executive of Monex Group Japan, said he still had confidence in the country’s stocks despite Monday’s big falls.

“Japan’s fundamentals are strong, recession risks are nil and corporate leaders are deadlocked on raising capital returns,” he told the BBC.

South Korean stocks also gained ground on Tuesday. The Kospi stock index rose more than 4 percent after falling 8.8 percent on Tuesday – its worst session since the 2008 global financial crisis.

Taiwan’s main stock index traded more than 3% higher, after a record 8.4% drop on Monday.