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| Asian stock markets lose ground | Asian stock markets lose ground |
| (about 1 hour later) | |
| Share prices in Asia have lost ground again as markets opened, following volatile trading throughout the world. | Share prices in Asia have lost ground again as markets opened, following volatile trading throughout the world. |
| Japan's Nikkei index opened down 2%, falling below the 7,000 mark for the first time in 26 years, but recovered by lunchtime, down 0.95%. | Japan's Nikkei index opened down 2%, falling below the 7,000 mark for the first time in 26 years, but recovered by lunchtime, down 0.95%. |
| Tokyo has said it will bring forward a ban on naked short-selling of stocks in an effort to stabilise markets. | |
| In Australia, shares fell 1.7% in morning trade, while South Korea's Kospi dropped 2.6%. | In Australia, shares fell 1.7% in morning trade, while South Korea's Kospi dropped 2.6%. |
| But in Hong Kong shares ended the morning up 6.1%, although traders said this was to be expected after a 12.7% plunge on Monday. | |
| Japan's Finance Minister Shoichi Nakagawa told reporters the ban on naked short-selling, which had been due to come into force on 4 November, would be brought forward. | |
| The practice involves investors buying assets to sell on for profit without first confirming that they can secure the funds for the initial purchase. | |
| The announcement follows similar moves by governments in the US, Australia and Europe. | |
| "I decided on the measure because these few days will be critical and stock exchanges are facing risks unless we take quick action," said Mr Nakagawa. | |
| "Japan was easily under pressure from other sources and that is why is was important to change the rules to US and European standards." | |
| Yen warning | |
| The US and Europe ended lower on Monday amid a growing belief that key economies are heading into recession. | The US and Europe ended lower on Monday amid a growing belief that key economies are heading into recession. |
| The FTSE in London and Cac in Paris closed behind, with European indexes touching five-year lows during the day. | The FTSE in London and Cac in Paris closed behind, with European indexes touching five-year lows during the day. |
| On Wall Street, the main Dow Jones index fell 2.42%, despite being boosted earlier in the day by a surprise rise in new home sales in September. | On Wall Street, the main Dow Jones index fell 2.42%, despite being boosted earlier in the day by a surprise rise in new home sales in September. |
| At close the FTSE in London closed down 0.79%, the Cac in Paris was down 3.96% but the Dax in Frankfurt was up 0.91%. | At close the FTSE in London closed down 0.79%, the Cac in Paris was down 3.96% but the Dax in Frankfurt was up 0.91%. |
| Earlier the FTSE had fallen 5.6% to 3,665 points - its lowest level since April 2003. | Earlier the FTSE had fallen 5.6% to 3,665 points - its lowest level since April 2003. |
| On the currency markets, Japan's yen has fallen back slightly after reaching a 13-year high against the US dollar on Monday. | |
| That rise came despite warnings from the Group of Seven (G7) industrialised nations that the currency's strength was a threat to economic stability. | |
| Mr Nakagawa said he would "continue to watch currency markets with great interest", while a government spokesman said they would consider whether there were "further effective measures" to be taken. | |
| Economics Minister Kaoru Yosano told a news conference that the yen's rise was "astounding" but did not reflect Japan's economic fundamentals. | |
| Meanwhile Japan's Prime Minister Taro Aso has said he will delay calling a general election in order to handle the economic crisis, reports Kyodo news agency. | Meanwhile Japan's Prime Minister Taro Aso has said he will delay calling a general election in order to handle the economic crisis, reports Kyodo news agency. |
| Mr Aso, who took office a month ago, had been widely expected to call an early election to address the deep divisions in the Japanese parliament. | Mr Aso, who took office a month ago, had been widely expected to call an early election to address the deep divisions in the Japanese parliament. |