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This caused concern over the earnings outlook for export firms based in Japan and Asia, with stocks at firms such as Sony falling by as much 6.2 per cent - taking it down to its lowest price on the Nikkei in 24 years.
Diane Lin, a fund manager with Sydney-based Pengana Capital, told Reuters: "The US is not falling into recession, but it's definitely slowing down ... We might face more risks, particularly in a market that has not had enough of a correction."
According to the quarterly Tankan index, sentiment among the major manufacturers in Japan dipped, taking it down to a level lower than that seen following the earthquake in March this year.
Despite the decline, the Nikkei returned from losses towards the end of last week, breaching the 8,700 points mark on September 29th, the first time it had done so in more than a week.
Posted by Greg Secker
