TOKYO (AFP) - Japan's government and its central bank will hold crisis talks on Wednesday (Nov 9) on the market convulsions as US Republican candidate Donald Trump homes in on an unexpected victory in the presidential election, sending stocks and currencies tumbling.

"The meeting on exchange of information about financial market" between the BOJ, the Finance Ministry and the Financial Services Agency "will be held at 3 pm (2pm, Singapore time) at the Finance Ministry," a BoJ spokesman told AFP.

Mexico's central bank said it will hold a joint news conference with the finance ministry at 7am local time (9pm, Singapore time) on Wednesday, a Banco de Mexico spokesman said, as US Republican candidate Donald Trump homes in on an unexpected victory in the presidential election.

The peso was battered by Trump's march toward the White House on Tuesday night, reaching a record low of over 20 pesos to the US dollar, and losing over 13 per cent in after-hours trading.