Japan's Nikkei average tumbled 4.6 percent by midday on Tuesday after touching a three-year low following Wall Street's plunge after U.S. lawmakers rejected a $700 billion financial bailout plan. Exporters and banks were particularly hard hit as Tokyo followed the lead of the Dow Jones industrial average, which posted its largest point decline ever and its biggest daily percentage slide since the 1987 stock market crash. [.N]
The benchmark Nikkei .N225 fell as low as 11,160.83, or 4.9 percent, its lowest since June 2005. But by midsession it had pulled back slightly to 11,199.07, still a loss of more than 500 points, as investors took a break from selling. The broader Topix was down 4.6 percent at 1,076.57 after earlier falling 5 percent.
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