Japan intends to closely monitor the impact on its currency of US President Donald Trump’s new tariffs and is worried about the international fallout from the trade imposts, Finance Minister Katsunobu Kato said.

According to an annual survey by the Japan External Trade Organization (JETRO) on companies' overseas expansion plans, 38.6% chose the U.S., up from 28.1% a year ago, and the highest ever share for the U.S.

Japanese shares ended lower as risk-aversion gathered steam following President Trump's decision to impose tariffs on Canada, Mexico, and China. The Nikkei Stock Average finished 2.7% lower at 38520.09.

Japanese stocks plunged, with the Nikkei average losing almost 3% at one point, after President Donald Trump slapped tariffs on the United States’ top three trade partners, threatening major economic disruption.