Record losses on Asian markets with Tokyo down 11.41 per cent at closing time
Tokyo’s key stock index led the way downward closing at 11.41 per cent lower, the worst result in two years.
Japanese Prime Minister Taro Aso blamed the renewed drop in markets on an 'insufficient' US bank rescue plan.
US retail sales fell 1.2 per cent in September, almost double the 0.7 per cent decline analysts expected—clear evidence that consumer spending was weakening.
The US Federal Reserve also announced that the US economy will slow further amid fears of recession in what is Asia’s largest export market.
At noon stocks in Hong Kong were down by 7.6 per cent. The Shanghai Composite Index was lower by 3.68 per cent; Seoul by 8.4; Taipei by 3.5; Kuala Lumpur by 3.57 and Singapore by 6.1.