Tokyo markets continue descent; Nikkei plunges below 9,000
Stocks in Tokyo continued their downward course on Friday, with the Nikkei plunging below the psychologically significant mark of 9,000 points, for the first time in more than five years, dpa reported.
Minutes after trading started, the benchmark Nikkei 225 Stock Average fell 279.20 points, or 3.05 per cent, to 8,878.29.
This was a reaction to US stocks plummeting again on Thursday, with the Dow Jones Industrial Average dropping below 9,000 points for the first time in five years, as a series of US and global efforts to tackle the financial crisis have failed to calm investors.
Both the blue-chip Dow and broader Standard & Poor's 500 tumbled more than 7 per cent. The Dow dropped 678.91 points, or 7.33 per cent, to 8,579.19. The S& P fell 75.02 points, or 7.62 per cent, to 909.92.