Japan suffers biggest single-day stock drop for 20 years

Asia's financial crisis deepened today after Japan's Nikkei stock average fell almost 10% in its biggest single-day drop for more than 20 years. The world's second-biggest economy was also rocked by the collapse of an established life insurer: Yamato Life Insurance becomes the country's first major victim of the US credit crunch. The Nikkei, already reeling from a fall of almost 10% on Wednesday, shed 881 points, or 9.62%, to end the day at 8,276, its lowest close since May 2003. The index has fallen by an average of 24% this week, more than double the weekly losses seen in the aftermath of the 1987 stock market crash. The Nikkei has lost 46% this year and nearly a quarter of its value since last Friday. "Selling is unstoppable in New York and Tokyo," Yutaka Miura, a senior strategist at Shinko Securities, told the Associated... [read full story]