Global stock markets experienced a significant sell-off on Monday, driven by weaker-than-expected U.S. jobs data and heightened recession fears. This turmoil was exacerbated by a more hawkish Bank of Japan, leading to a dramatic 12.4% drop in Japan's Nikkei 225, its most substantial one-day fall since 1987. The U.S. Treasury yields fell to one-year lows, and the yen surged over 3% against the dollar, unwinding popular carry trades. European and other Asian markets also saw steep declines, with the Stoxx 600 index in Europe falling by 2.34% and indices in South Korea, Taiwan, and Australia plummeting. Investors flocked to safe-haven assets, causing the Swiss franc to strengthen and gold futures to rise. The selloff reflects growing concerns that the Federal Reserve's unchanged interest rates and the Bank of Japan's recent rate hike could lead to a global economic downturn.