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 - Asian and European leaders plan to urge Myanmar's military rulers to be more tolerant toward opposition political parties and release political prisoners, according to a draft summit statement seen Friday.

The leaders attending the biennial Asia-Europe Meeting would urge Myanmar to "engage all stakeholders in an inclusive political process in order to achieve national reconciliation and economic and social development."

Beijing  - A plan will be finalized "as soon as possible" for a foreign exchange reserve of 80 billion dollars for 10 South-East Asian and three East Asian nations, Brunei Sultan Hassanal Bolkiah said on Friday.

Speaking on behalf of the Association of South-East Asian Nations (ASEAN) at the opening of a summit of Asian and European leaders, Bolkiah said there was "fear of economic meltdown" that was "compelling us to address this issue immediately."

Beijing  - Asian and European leaders plan to call for new goals to fight climate change up to 2012 to be agreed by the end of next year, according to a draft summit statement seen Friday.

"Leaders welcomed the substantial progress made at the climate change conference in Bali, Indonesia, in December 2007," said the draft "chair's statement" from the biannual Asia-Europe Meeting, which opened Friday.

"They confirmed their commitment to securing an ambitious, effective and comprehensive agreed outcome now, up to and beyond 2012, by the end of 2009 on the basis of the Bali road map," said the draft, which is scheduled to be issued on Saturday at the close of the summit.

Tokyo - Defying an overnight rise on Wall Street, Asian stocks, led by Tokyo and Seoul, plummeted Friday on renewed fears of worldwide recession.

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.

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.

Beijing - The first Asia-Europe Meeting was held in 1996 in Bangkok as informal talks among 16 European Union members and 10 Asian nations.

The seventh summit this year has grown to include 45 delegations: the European Union's 27 members, 16 Asian states as well as the European Commission and the secretariat of the 10-nation Association of South-East Asian Nations (ASEAN).

The participants represent more than half the world: 58 per cent of its population, 60 per cent of its trade and 50 per cent of its economic performance.