Japanese shares close with 5.42 per cent loss

Japanese share prices closed with a huge 5.42 per cent loss on Friday, one of its biggest falls in recent years.

Japanese share prices closed with a huge 5.42 per cent loss Friday, one of its biggest falls in recent years as US housing worries battered Asian markets, dealers said.

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They said investors dumped stocks as they rushed to safe havens such as bonds to escape the escalating fallout from problems in credit markets.

The Tokyo Stock Exchange's benchmark Nikkei-225 index of leading shares tumbled 874.81 points to end at 15,273.68.