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International relations

Tide rising against globalization

HONG KONG -- Ed Hyman,a noted economist and chairman of U.S. investment research firm Evercore ISI, warned his clients in the world last Monday that the Brexit would create a market panic similar to what was experienced after the 2008 Lehman Brothers collapse.

Hyman's prediction came true on Friday. Financial markets across Asia, which were keenly following news as votes were being counted, jolted like it was another "once-in-a-century event" as the 2008 financial crisis was called. Flight to safety shot up the yen, which in turn smashed the benchmark 225-issue Nikkei Stock Average down over 8%. Hong Kong's Hang Seng index tumbled more than 5%, while South Korea's Kospi was also down nearly as much. The shock is certain to spread to European and U.S. markets as they open later in the day.

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