Tokyo - Asian stocks, led by Tokyo and Seoul, plummeted for a third-straight day Friday on fears of a worldwide recession, defying an overnight rise on Wall Street.

Japan's benchmark Nikkei 225 Stock Average lost nearly 10 per cent of its value, tumbling below 8,000 for the first time since May 2003, on indications the global financial crisis was beginning to hit the nation's exporters.

Beijing - The prime ministers of China and Japan on Friday pledged to cooperate in maintaining stability in the face of the global financial crisis.

Chinese Prime Minister Wen Jiabao and Japanese Prime Minister Taro Aso held talks amid a series of bilateral meetings before a summit of Asian and European leaders in Beijing on Friday and Saturday.

Wen told Aso that the two nations should have "more policy dialogue and coordination to maintain stability in the financial markets," the Chinese foreign ministry reported.

Cooperation between China and Japan in the face of the international financial crisis was "vital for the stability of Asia," the ministry quoted Wen as saying.

Tokyo - Japan's benchmark Nikkei 225 Stock Average on Friday lost nearly 10 per cent of its value, tumbling below 8,000 for the first time since May 2003, on indications the global financial crisis was beginning to hit the nation's exporters.

The Nikkei shed 811.9 points, or 9.6 per cent, to close at 7,649.08.

The broader Topix index of all first-section issues plunged 65.59 points, or 7.52 per cent, to 806.11.

The tumble was led by Sony Corp, whose shares plunged 14 per cent one day after the world's second-largest electronics company warned its profits this year were expected to drop nearly 60 per cent compared with last year.

Tokyo - Japanese parliament on Friday approved a government nominee to fill a vacancy at the central bank's deputy governorship.

Hirohide Yamaguchi, 57, who currently serves as the Bank of Japan's executive director, was appointed as the bank's deputy governor after the opposition-controlled upper house supported the government's choice.

Tokyo - Japan markets continued their losing streak Friday with the key Nikkei index dropping nearly 3 per cent.

In the first 15 minutes of trading, the Nikkei 225 Stock Average lost 232.45 points, or 2.75 per cent, to 8,228.53.

The broader Topix index of all first-section issues was down 24 points, or 2.75 per cent, to 847.7.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 97.58-63 yen, down from Thursday's quote of 97.68-70 yen.

Beijing, Oct 23 : Prime Minister Dr. Manmohan Singh on Thursday arrived in Beijing to attend the seventh Asia-Europe Meeting (ASEM-7) scheduled from Friday after his three-day visit to Japan.

On his arrival to Beijing, Dr. Singh said, “This is the first time that I am attending the Asian-European summit as a Prime Minister.”

“I sincerely hope that this meeting of minds between Europe and Asia will produce a solution to many global problems including the current global financial crisis,” Dr. Singh added.