Japan’s Nikkei leads losses as Asian markets plummet after Powell’s Jackson Hole speech.

Shares in Asia-Pacific started Monday lower after Fed Chairman Jerome Powell spoke at Jackson Hole on Friday.

In his speech, Powell warned that rising interest rates would cause “some pain” in the US economy and said higher interest rates would likely continue “for a while.”

In Japan, the Nikkei 225 fell 2.9 percent, and the Topix index fell 2.06 percent. In South Korea, the Kospi fell 2.39 percent, and the Kosdaq index fell 3 percent.

In Australia, the S&P/ASX 200 fell 2 percent.

Mainland China’s Shanghai Composite Index fell 0.72 percent, and the Shenzhen Component lost 0.68 percent.

Hong Kong’s Hang Seng index fell 1.07 percent, and the Hang Seng Tech index fell 1.43 percent.

MSCI’s most extensive index of Asia-Pacific equities outside Japan fell 1.83 percent, with the Japanese yen trading at 138.47 per dollar.