Japan Down 10%

Reuters: The Nikkei average tumbled more than 11 per cent on Friday, poised for its biggest one-day drop since the 1987 stock market crash, on fears of a global recession despite moves by global authorities to thaw frozen credit markets.

The stock sell-off led the Osaka Stock Exchange to trigger a circuit-breaker and briefly halt trade in the Nikkei futures.

“No one is buying. Fundamentals don’t matter any more and there’s no explanation for such a plunge,” said Yoshinori Nagano, chief strategist at Daiwa Asset Management.

“Fears about the U.S. financial system have been rekindled. The U.S. government is still debating whether it would inject money into financial institutions. It needs to act now even if that would be beyond the current law.”

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