Asian markets dive on US bank rescue fears

HONG KONG - The global stock sell-off carried over into Asia on Tuesday after an overnight rout on Wall Street, as the Obama administration’s bank rescue plan failed to calm nervous markets.

By (AFP)

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Published: Tue 24 Feb 2009, 1:48 PM

Last updated: Thu 2 Apr 2015, 3:57 AM

Tokyo shares closed down 1.46 percent Tuesday after Wall Street hit near 12-year lows as investors reacted with disappointment to Washington’s strategy for rescuing ailing banks, stoking pessimism over the financial crisis.

The benchmark Nikkei-225 index fell 107.60 points to end at 7,268.56. At one point the benchmark briefly slipped below last October’s closing low of 7,162.90, which was the weakest since 1982.

The Japanese government responded by saying it would consider taking fresh steps to halt the plunge.

‘Excessive stock falls are undesirable. The government will consider what it can do if stock prices fall too much,’ Finance Minister Kaoru Yosano told Dow Jones Newswires without disclosing details.


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