TIMESONLINE: Japan leads declines as market 'prices-in a recession' amid strong yen and fears of more subprime damage
Japanese stocks endured a savage pounding today as the US dollar plummeted against the yen and investors' fears heightened at the prospect of more fall-out from the US subprime mortgage crisis.
The Nikkei 225 Stock Average closed down 2.5 per cent to a 15-month low of 15,197.09.
Other Asian markets were also caught in the maelstrom, with the Hang Seng shedding 4.5 per cent of its value to 27,500.96 and Shanghai stocks taking a similar tumble.
Chinese financial stocks were particularly hard-hit as investors blinked at new regulations requiring a sharp increase in reserve requirements. Nikkei plunges to 15-month low as dollar weakens (more) By Leo Lewis
The high oil price may begin to take its toll By Gary Duncan
FT:
Asian stocks sink as exporters suffer By Andrew Wood in Hong Kong and Louise Lucas in Tokyo
BBC:
Europe 'set for slower growth'
SPIEGELONLINE INTERNATIONAL:
The US Economy on the Edge By Peter Coy
Mark Alexander
