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Asian stocks down on credit fears Asian stocks down on credit fears
(20 minutes later)
Asian stocks have slumped, as resurgent credit fears have pushed the value of the US dollar down further, harming export-oriented firms.Asian stocks have slumped, as resurgent credit fears have pushed the value of the US dollar down further, harming export-oriented firms.
Tokyo's Nikkei ended 2.48% down at 15,197.09 and the broader Topix slid 2.54% to 1,456.40 - both 15-year lows. Hong Kong's Hang Seng Index fell 4.5%.Tokyo's Nikkei ended 2.48% down at 15,197.09 and the broader Topix slid 2.54% to 1,456.40 - both 15-year lows. Hong Kong's Hang Seng Index fell 4.5%.
Also lower was Singapore's Straits Times Index, which fell 2.8%,Also lower was Singapore's Straits Times Index, which fell 2.8%,
Analysts said the trend was in response to Friday's falls in the US, as fears regarding the credit crisis continue.Analysts said the trend was in response to Friday's falls in the US, as fears regarding the credit crisis continue.
'Scary''Scary'
"I'm afraid factors from overseas, such as sub-prime problems, are coming over to Japan," said Chief Cabinet Secretary Nobutaka Machimura. "We'll closely monitor the situation," he added."I'm afraid factors from overseas, such as sub-prime problems, are coming over to Japan," said Chief Cabinet Secretary Nobutaka Machimura. "We'll closely monitor the situation," he added.
Japanese traders sold shares in firms heavily-reliant on exports to the US, especially car and electronic companies, as the yen hit its strongest level against the dollar since May 2006.
What started as problem in the US housing market, with default rates on mortgages rising in the wake of a series of interest rates rises, later spread to other markets.What started as problem in the US housing market, with default rates on mortgages rising in the wake of a series of interest rates rises, later spread to other markets.
As banks begin to reveal their exposure to the sub-prime sector - which specialises in lending to riskier borrowers - there are increasing fears that greater financial losses lie ahead.As banks begin to reveal their exposure to the sub-prime sector - which specialises in lending to riskier borrowers - there are increasing fears that greater financial losses lie ahead.
The Dow Jones Industrial Average fell 1.8% on Friday after Wachovia bank said its writedowns on bad mortgage debt would total $1.1bn (£525m) for October alone.The Dow Jones Industrial Average fell 1.8% on Friday after Wachovia bank said its writedowns on bad mortgage debt would total $1.1bn (£525m) for October alone.
One trader in Japan said: "Its getting to the point where everything seems scary and that its hard to trust what financial institutions are saying."One trader in Japan said: "Its getting to the point where everything seems scary and that its hard to trust what financial institutions are saying."
Other fallers in Asia included China's Shanghai Composite Index, down 2.9%. At the weekend, China's central bank made a move to cool inflation by raising the level of deposits that commercial banks must set aside.Other fallers in Asia included China's Shanghai Composite Index, down 2.9%. At the weekend, China's central bank made a move to cool inflation by raising the level of deposits that commercial banks must set aside.
In India, the benchmark index in Mumbai slid more than 3%.
"I don't think foreign investors are going to inject fresh funds at this fag end of the year. We will see fresh money only in January. So we are advising to book profit," said DD Sharma, vice president of Anand Rathi Securities.