Japanese stock markets hit by 21-year record fall

Japan’s key stock index today plummeted more than 11% – the biggest one-day loss in 21 years – as sobering reports on the US economy intensified recession fears.

The benchmark Nikkei 225 stock average nose-dived 1,089.02 points, or 11.41%, to close at 8,458.45, marking the biggest one-day percentage drop since the stock market crash of October 1987.