Asia: Market Mayhem Worsens

The U.S. mortgage market crisis continues to pummel Asian equity markets, and the selling was fast and furious across the region

Aug. 16 began in Japan's capital city with a 4:15 a.m. earthquake and ongoing tremors that continued nearly right up to the opening of trading on the Tokyo Stock Exchange. That turned out to be the perfect metaphor for another day of heavy losses at that bourse—and even more ferocious ones in Asian emerging markets such as Seoul, Jakarta, and Manila, where stock prices plunged in the 6% to 7% range.

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