Nikkei 225 opens down 1.2%, Kospi falls 2.2%

The size gap between the two opens is the detail worth noting: Korea's benchmark fell nearly twice as much as Japan's, suggesting the pressure is concentrated in Seoul rather than spread evenly across the region. With only opening prints to work from, it is unclear whether this reflects broad risk aversion or something more local to Korean equities. Whether the Kospi's larger decline persists through the session, or narrows toward the Nikkei's, is the open question.