Shares tumbled for a fourth day after the markets opened in Tokyo, continuing a global nosedive amid concern that the problems on the credit markets will deepen a worldwide recession.
The Nikkei sank below 10,000 for the first time since December 2003, In New York, the Dow Jones levelled off at close of trading after an earlier plunge, closing down more than three percent, its lowest since October 2004.
Shares had plummeted by as much as 800 points earlier in the day during the course of a trading session dominated by worries over the credit crisis in Europe.
Overall European shares lost 7.4% of their value. In London the FTSE 100 fell 7.85%, while in Paris the CAC 40 plummeted 9.04%, its worst one day decline ever.
European shares suffered their worst one-day percentage fall on record and nothing helped boost confidence,including the fact that several European governments followed Germany’s lead and offered guarantees to bank savers.