Tuesday 7 October 2008

Asia stocks drop for 5th day on unending crisis

Asian stocks fell about 4 per cent, down for a fifth consecutive day, and government bond prices rose on Wednesday as fears of a looming
global recession grew with no sign of a coordinated response or an end to the worsening financial meltdown.

The yen climbed as investors clung to anything resembling stability after Federal Reserve Chairman Ben Bernanke warned turmoil in markets could cause U.S. economic activity to be subdued into 2009 and signalled a readiness to cut interest rates.

"The deteriorating outlook for the economy and the deepening financial crisis are pushing fears to their limit," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management in Japan. Tokyo's Nikkei share average dropped 4.5 per cent, hitting a fresh 5-year low, taking losses for the past five days to 15 per cent.

Source: EconomicTimes

Posted by Harsh at 20:48

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