MSM: Japan suffers biggest single-day stock drop for 20 years

Asia’s financial crisis deepened today after Japan’s Nikkei stock average fell almost 10% in its biggest single-day drop for more than 20 years.

The world’s second-biggest economy was also rocked by the collapse of an established life insurer: Yamato Life Insurance becomes the country’s first major victim of the US credit crunch.

MSM: Panic on Wall Street: Dow Falls Below 9K

The Dow celebrated the one-year anniversary of its all-time high by closing below the 9000 threshold for the first time since June 2003 and ending in the red for the seventh straight day.

The worst financial crisis since the Great Depression continues to engulf Wall Street, carving out 5,500 points from the index since last October, including 2,200 points over the past seven days alone.