It is reported that Japan's Nikkei 225 stock index plunged by 1.2% and stock markets in Asia have fallen with Japan's benchmark tumbling to a 26 year closing low amid the global economic slowdown. Japan lost 87 points to close at its lowest level since October 1982.

Hong Kong's Hang Seng also fell 4.8% while other major Asian markets plunged on concerns about the fate of US banks and auto industry. This came after Japan recorded its first current account deficit in 13 years in January.

Japan's ministry of finance said that the deficit had reached USD 1.7 billion, as exports plummeted in the face of shrinking demand overseas, particularly in the United States.