Japan’s Nikkei fell 3.3% and Australia’s S&P/ASX2000 dropped 3.2% as woeful US economic news—including rising foreclosures, worsening homeowner debt and impending credit defaults—sent Asian markets reeling, the Associated Press reports. Investors also worried that a key jobs report to be released this morning would show a rise in US unemployment, which would further hurt already depressed Asian exports.
Korea’s Stock Price Index fell 2%, the Hang Seng index was down 3.6%, China’s Shanghai Composite Index was off 1.4% and India's Sensex was off 5.2%. The dollar, meanwhile, continued to lose ground to the yen, trading at 102.45. "We are worried about the US market," said a Korean market analyst.