It feels like 1997 all over again in Asia. Japan down 10%, Hong Kong down 8%, Singapore down 7% and Australia down 8% as markets around the world are gripped by recession fears.
Investor nerves were frayed and that was reflected in Thursday's chopping trading session with markets weaving in and out of negative territory even after central banks around the world cut interest rates to support the global economy.
Asian stocks saw a turnaround in trade Tuesday after a dramatic 100 basis point rate cut by the Reserve Bank of Australia. Markets were paring back sharp losses that had seen the Nikkei crashing the 10,000 level at one point in the session.
Asian markets fell 4% Monday and the yen surged to a 2-year high against the euro as investors doubted the scattered European response to the financial crisis and the $700 billion U.S. bank bailout could prevent a global recession.
Asian markets fell sharply Friday while the yen rose to a two-year high against the euro on fears the $700 billion financial rescue bill still needing final U.S. government approval may not be enough to keep the global economy from falling into recession.
Asian markets closed mostly lower Thursday and safe haven assets such as government debt gained after the U.S. Senate's approval of a massive bank bailout plan failed to dispel the deepening worries about the global economy. Japan closed 1.9 percent lower while South Korea shed 1.4 percent.
Stocks in Japan and Australia bounced higher Wednesday and the yen steadied as investors edged away from safety plays on hopes that a salvaged Wall Street rescue plan in Washington could keep global equities rallying.
Asian markets pared back losses Tuesday, but were still firmly in the red, putting them on course for the biggest monthly decline in more than a decade after U.S. lawmakers rejected a $700 billion plan to end financial panic and stave off recession. Both Japan and Australia finished over 4 percent lower.
Asian markets slipped into negative territory after a firm open Monday, as investors waited to see the details of the $700 billion rescue package agreed by U.S. lawmakers.
Asian markets fell Friday as political wrangling continued to stall approval of the U.S. government's $700 billion rescue plan for the financial sector, dashing hopes of a quick recovery.
Asian markets were mixed Thursday, pressured by doubts over the U.S. government's proposed $700 billion bailout plan and worries about the economic fallout from the crisis.
Asian stock markets were jittery Wednesday, as fears that U.S. lawmakers will stall a proposed $700 billion bailout of the battered financial sector haunted investors and a firmer yen hurt Japanese exporters.
Asian markets were mostly lower Tuesday on skepticism about how Washington's $700 billion bailout plan can restore confidence in the U.S. financial system when the economy may be facing a recession.
Asian markets climbed Monday, after more details about the U.S. government's $700 billion crisis solution encouraged bargain hunting, but questions lingered about long-term implications and the economic outlook.
Malaysia's new Finance Minister Najib Razak on Monday dismissed calls for the ringgit currency to be pegged and said the country's economy remained in good shape despite the U.S. financial crisis.
Asian markets staged a strong rebound on Friday after four straight sessions of massive losses. China and Hong Kong led the rally, both up more than a whopping 9 percent following Wall Street's best performance best day in six years.
Asian markets took a beating Thursday, but emergency actions by central banks and governments around the world saw a late-session rebound in the Hong Kong and Singapore markets.
Asian markets were mixed while oil rose $3 a barrel Wednesday after the Federal Reserve said it would bail out American International Group in a dramatic about-face as victims of the financial crisis kept piling up.
Markets bleed red all over the region Tuesday, with Japan's Nikkei losing 5% and South Korea's KOSPI shedding 6%, as upheaval on Wall Street fueled investor uncertainty about a spillover into Asia.
Asian markets -- the few of them that were opened today -- fell sharply as U.S. investment bank Lehman Brothers filed for bankruptcy, dragging down financials.