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Sensex sinks; Japanese markets at 20-year low
October 8, 2008

Japanese market at 20-year low

Wednesday was one of the blackest days for the Asian markets with Japanese share prices tumbling to a 20-year low. The Tokyo Stock Exchange's benchmark Nikkei-225 index cracked the 10,000 level, losing 953 points to finally settle at 9,203.72.

The massive sell-off was a direct outcome of Dow Jones Industrial Average sinking more than 500 points or 5 per cent to a five-year low. Incidentally, European and Asian shares had seen some bright signs of late, including a hefty rate cut in Australia.

But Asian markets took a beating with Wall Street tumbling and Bank of America saying it had to raise $10 billion by selling new shares. The Japanese markets finally ended down 9.3%.

Image: A man looks at an electronic board displaying falls in share prices in Tokyo, Japan. The 225-issue Nikkei Stock Average slipped to a 20-year low on Wednesday. | Photograph: Koichi Kamoshida/Getty Images

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