Asian markets tumble and lira dives as Turkey seeks to calm contagion fears.

A pedestrian walks past a stock indicator showing
share prices of the Tokyo Stock Exchange
in Tokyo on Monday - AFP

Asian markets tumbled and the Turkish lira dived almost eight percent on Monday on fears that the economic crisis gripping Turkey could spill over into the global economy.

With investors already on edge over the China-US trade war, the lira's collapse sparked a sell-off in Europe and New York at the end of last week, with safe haven assets including the Japanese yen and Swiss franc rallying.

The lira dived to a record low of 7.2362 to the dollar at one point overnight before recovering slightly after the country's finance minister said Ankara was planning to roll out an "action plan" on Monday in response to the crisis.

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