Tokyo - Asian markets plummeted to new lows Monday, with Japan's key Nikkei index leading the plunge, as investors across the region stepped up panic-selling on concerns that tumbling share values would drag economies into recession.
Stocks in Tokyo nosedived, as the benchmark Nikkei 225 tumbled 486.18 points, or 6.36 per cent, to close at 7,162.9, the lowest level in 26 years. The market crisis has shaved off half the value off the Nikkei this year.
The broader Topix index of all first-section issues also lost 59.65 points, or 7.4 per cent, to 746.46.
The Bank of Japan injected 600 billion yen (6.37 billion dollars) into the money markets Monday to ease a credit crunch as stocks prices plunged.