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· Stock markets were routed and the dollar stumbled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to ease a ruinous logjam in global lending markets.

The Fed’s emergency 100 basis point cut on Sunday was followed on Monday by the Bank of Japan easing policy further with a pledge to ramp up purchases of exchange-traded funds and other risky assets.

New Zealand’s central bank also shocked by cutting rates 75 basis points to 0.25%, while the Reserve Bank of Australia (RBA) pumped more money into a strained financial system.

Japanese Prime Minister Shinzo Abe said G7 leaders would hold a teleconference at 1400 GMT to discuss the crisis.

The drastic maneuvers were aimed at cushioning the economic impact as the breakneck spread of the coronavirus all but shut down more countries, though they had only limited success in calming panicky investors.

MSCI’s index of Asia-Pacific shares outside Japan tumbled 4% to lows not seen since early 2017, while the Nikkei fell 2% as the Bank of Japan’s easing steps failed to stabilize market confidence.

· Japan's benchmark Nikkei stock index on Monday closed at its lowest level since November 2016, as the Bank of Japan's decision to keep its key interest rate unchanged and implement steps to cushion the economic fallout from the coronavirus outbreak left some investors disappointed.

The 225-issue Nikkei Stock Average ended down 429.01 points, or 2.46 percent, from Friday at 17,002.04. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 25.36 points, or 2.01percent, lower at 1,236.34.

Major decliners include rubber product, transportation equipment and electric appliance issues.

· China stocks ended sharply lower on Monday after dismal data and a second emergency rate cut by the U.S. Federal Reserve highlighted the coronavirus impact on the global economy.

The blue-chip CSI300 index fell 4.3%, to 3,727.84, while the Shanghai Composite Index shed 3.4% to 2,789.25.

· European markets opened sharply lower Monday as the region largely goes into shutdown mode to prevent the spread of the new coronavirus.

The pan-European Stoxx 600 dropped 3.7% at the start of trading, autos falling 5.5% to lead losses as all sectors and major bourses slid into the red.