Japanese stock market plunges 5% as global rout gathers pace

The global stock market rout has continued in Asia Pacific with Japanese stocks plunging nearly 5% as investors continued to dump risky assets amid uncertainty about the stability of the financial system. Tokyo recorded its biggest weekly fall for more than seven years after fears over a slowdown in the global economy and an overnight selloff in banking shares sent the Nikkei share average down by 4.84%.
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