Asian stock markets experienced a significant downturn on Thursday, driven in part by a sell-off of technology stocks. The Nikkei index in Japan fell by 4.5 percent, while the South Korean Kospi index plummeted by over 8 percent around 08:00 local time. News agency AFP reports the decline is linked to unexpectedly high US inflation of 3.7 percent in September. This price increase is largely attributed to rising energy costs following Iran’s closure of the Hormuz Strait. The latest figures are now fueling market expectations that the US Federal Reserve will respond with another interest rate hike in October. The situation highlights growing global economic concerns linked to energy security and monetary policy.