(Adds analyst comments, share prices and updates prices)

By Kevin Buckland

TOKYO, April 3 (Reuters) - Japan's Nikkei share average

slumped to an eight-month low on Thursday after U.S. President

Donald Trump revealed a broad set of reciprocal tariffs,

including a 24% levy on Japanese goods.

The Nikkei fell as much as 4.6% in early trading,

dropping to 34,102.00 for the first time since August 7. By 0050

GMT, the benchmark index recouped some losses to 2.9%.

Of the Nikkei's 225 components, 216 were in the red,

while just nine showed gains.

The broader Topix lost as much as 4.3% before

recovering slightly to trade down 3.1%.

"We thought tariffs would be 10%, maybe 20%, but instead

they were a whopping 24%," said Kazuo Kamitani, an equities

strategist at Nomura Securities.

"Call it the Trump tariff shock," he said. "The market

is firmly in risk-off mode."

Banks were the worst performers among the Tokyo

Stock Exchange's 33 industry groupings, sliding 6.4%, as a sharp

decline in bond yields at home and abroad darkened the outlook

for income from lending and investing.

The bourse's automaker sub-index dropped nearly

4%, with a separate 25% tariff on car exports to the United

States set to go into effect later on Thursday. Shares of Toyota

Motor ( TM ) slid 4.7%.

Chip-sector heavyweights also saw significant sell-offs.

Tokyo Electron ( TOELF ), a chip-making equipment manufacturer,

dropped 5.8%, while Advantest ( ADTTF ), a chip-testing equipment

maker and Nvidia supplier, slumped 4.9%.