Asia: Wall Street's Money Crisis Hits Again

High anxiety sweeps through Asian stock markets once more, and central banks in Japan, Australia, and Singapore turn on the cash spigot

If Japanese financiers expected a quiet day of trading ahead of next week's extended holiday break for obon, the Buddhist festival of the dead, they sure didn't get one. Following overnight market carnage in Europe and the U.S. triggered by continuing concerns about the U.S. subprime mortgage market, Japan's Nikkei 225 index hemorrhaged 406.51 points, falling 2.4% to 16764.09 in Aug. 10 trading. That came after the Dow Jones industrial average lost 387.18 points, or 2.83%, to 13270.68 on Aug. 9.

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