Japanese stocks plunged almost 5 per cent today amid growing fears of a US recession, while a wave of outlook cuts by Japanese companies further dampened market sentiment.
The benchmark Nikkei average was down 4.7 pe rcent or 646.26 points to end at 13,099.24. The broader TOPIX index lost 4.2 per cent or 57.07 points to close at 1,298.41.
Japan's top bank, Mitsubishi UFJ Financial Group, and other bank shares took a beating after Standard & Poor warned yesterday that the ratings of US banks could be at risk.
