(Updates prices as of midday trading recess)

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 larger-than-anticipated 24% levy on Japanese goods.

The Nikkei fell as much as 4.6% in early trading, diving to 34,102.00 for the first time since August 7. By the midday recess, losses had eased somewhat, with the index down 3% at 34,673.69.

Of the Nikkei's 225 components, 206 were in the red and just 19 showed gains.

The broader Topix lost as much as 4.3% before recovering slightly to trade 3.3% lower.

"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 groups, sliding 7.2%, as a sharp decline in bond yields both domestically and internationally darkened the outlook for income from lending and investing.

Regional lender Resona Holdings ( RSNHF ) was the worst-performing stock in the Nikkei, with a 9.5% slump.

Chip-sector heavyweights saw significant sell-offs. Tokyo Electron ( TOELF ), a chip-making equipment manufacturer, dropped 4.2%, while Advantest ( ADTTF ), a chip-testing equipment maker and Nvidia ( NVDA ) supplier, slumped 3.3%.

A rally in the safe-haven Japanese yen exacerbated losses for the country's numerous exporters.

The Tokyo bourse's automaker sub-index dropped 4.5%, with shares of Toyota Motor ( TM ) sliding 5.2%.

In a rare respite among Trump's aggressive tariff measures, the latest levies will not be added on top of a separate 25% duty on car exports to the United States that is set to take effect later in the day.

Following Trump's tariff announcement, Japanese Trade Minister Yoji Muto said that he will consider various options to determine what is best for the country.

"Though some market participants are expecting quick deals (with Washington), negotiations could take time," particularly since the White House has targeted non-tariff barriers to trade like VAT, said Norihiro Yamaguchi, an economist at Oxford Economics.

"The equity market is unlikely to bounce back given heightened uncertainties."

(Reporting by Kevin Buckland; Editing by Sherry Jacob-Phillips)