Asian markets close sharply lower; Nikkei plunges nearly 7%
Thursday November 20, 2008 05:29:00 EST

(RTTNews) - The stock markets across the Asia-Pacific region tumbled on Thursday after U.S. stocks hit their lowest levels in more than five years overnight. The Japanese market slumped, with the key Nikkei index losing nearly 7% to trade below the 8,000 mark for the first time in three weeks. Fears about a long drawn and deep recession heightened after the Federal Reserve slashed its U.S. growth forecasts, U.S. consumer prices fell at a record pace last month, and Japan's October exports fell by the most in seven years. Oil prices fell for a fifth day on Thursday amid concerns about a slowing demand.

U.S. stocks tumbled on Wednesday, with the Dow Jones industrial average plunging below the 8,000 mark for the first time since 2003. The Dow closed down 427.5 points or 5.1% (continued...)