Global markets find some stability after an initial freakout over Brexit

Global markets are finding some footing after initially entering into an absolute freakout after the United Kingdom voted to leave the European Union.

But make no mistake, investors have spoken and they are forecasting a dismal global economy due to the Brexit.

As the results rolled in on Friday morning and the "leave" vote gained traction, financial markets began to go into shock. The reaction reflected just how much the vote caught the world by surprise.

We recommend you hold on to the nearest stable object as you take in the details. And if you don't know what this is about, check out our explainer.

Many of the world's major stock indexes traded sharply lower, while investors plowed into the safest and most conservative assets. The broader message was clear -- there's not a lot of optimism for the global economy after Britain's vote.

The most dramatic move came from Britain's own currency. 

The British pound has reached dramatic lows not seen in 31 years, declining around 10 percent against the U.S. dollar. The pound then recovered slightly but remains down around 8%, a swing almost unheard of for a currency. 

This chart, which shows how the pound has moved over the last 45 years, illustrates the insanity of the initial decline.

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Stock markets around the world also swooned, driven by concerns that Britain's move could also push other countries to abandon the European Union. 

Britain's main stock index, the FTSE 100, at plunged as much as 8% but recovered to trade 3.5% lower. Banks and homebuilders were especially hard hit -- RBS and Barclays fell around 30%. 

The U.S. markets also opened lower, with all three major indices down around 2.5%.

In much of Asia, where markets had opened, the shockwaves of the Brexit vote generated serious instability.

Major indices across Asia took a hit including Australia (down 3.2%), Hong Kong (2.9%), and South Korea (3.1%) all taking a beating.

None were hit harder than Japan.

The Japanese yen shot up following the "leave" decision, with investors seeking safety in the currency, which is considered a safe haven. The yen zoomed past US$100 for the first time in two and a half years, according to Bloomberg. 

It can be good for a country to have a strong currency, but too strong and suddenly it can become difficult to get foreign markets to buy your goods -- something Japan has wrestle with for years.

So when investors piled into the yen following the Brexit vote, Japan's stock market went into a tailspin. Its main stock index, the Nikkei 225, declined 7.9%. Trading was halted on the market for 10 minutes as it hit peak chaos on Friday.

Other safe havens including gold, the U.S. dollar and U.S. Treasuries (debt owed by the U.S.) shot higher, an indication that investors found most every other market far too risky.

"All hell is breaking loose," Vishnu Varathan, a senior economist in Singapore at Mizuho Bank Ltd, told Bloomberg. "It looks like markets are now lurching because the prospects of Leave is now looking more tangible. The only surefire is you buy yen, you buy U.S. Treasuries, you buy gold, and you sit tight. Whoever is hurting probably already hurt."

As markets across the world fall into chaos, many people watched the insane show and tweeting it live. Others shared GIFs and jokes while nervously laughing to themselves. Pray for the world. 

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Additional reporting by the Associated Press.

UPDATE: June 24, 2016, 9:27 a.m. BST  

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