Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Tokyo stocks plummet as crisis deepens

Japan's Nikkei plummets 10.55%Click the chart for more on world markets. By CNNMoney staff


NEW YORK (CNNMoney) -- Panic overtook investors in Japan on Tuesday, with stocks plunging more than 10%, as the nation's nuclear crisis deepened in the aftermath of last week's earthquake.

The Nikkei 225 index, the most prominent measure of Tokyo market stocks, was down 1,390 points -- or more than 14% -- at one point in the session.

In the end, the 10.6% closing marked the third worst one-day plunge in the Nikkei's history.

The huge losses on Tuesday came on top of a 6.2% drop Monday, the first full trading day after the quake. In all, the index has fallen nearly 16% in two days.

The Tokyo market opened shortly after the owner of the Fukushima Daiichi nuclear power plant in northeastern Japan reported an "explosive impact" at the plant's No. 2 reactor, a day after a hydrogen explosion rocked another reactor. The plant was among the many structures damaged or destroyed by the 9.0 magnitude earthquake and subsequent tsunami.

The confirmed death toll is 2,475. Thousands more are missing and 450,000 people are reported homeless. (CNN: Anxiety in Japan grows as rescue workers find more bodies)

Japanese officials said Monday they will backstop the country's financial system, with a cash injection of more than $180 billion, to buffer it against the impact of the disaster. Reports said the Bank of Japan added another $98 billion to that figure on Tuesday.

Other Asian markets were also hit by fears on Tuesday -- a day after modest gains in the face of the Japanese sell-off. Hong Kong's Hang Seng index dropped 3.1%, and the Shanghai Composite fell 1.6%.

European markets also closed sharply lower. Germany's DAX dropped 3.2%, while France's CAC-40 lost 2.5% and Britain's FT-100 retreated 1.4%.

U.S. stocks were mired in a sharp sell-off Tuesday. The Dow Jones industrial average, Nasdaq and S&P futures were all down about 1.7% in afternoon trading.

World markets finished generally lower Monday, as investors assessed the impact of the Japanese disaster on the global economy.

--A CNN Wire report was used in compiling this story. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.83%3.83%
15 yr fixed2.95%2.95%
5/1 ARM3.12%3.13%
30 yr refi3.94%3.95%
15 yr refi3.05%3.05%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 16,102.38 0.00 0.00%
Nasdaq 4,683.92 -49.58 -1.05%
S&P 500 1,921.22 0.00 0.00%
Treasuries 2.13 -0.04 -1.85%
Data as of 11:44pm ET
Company Price Change % Change
Bank of America Corp... 15.65 -0.29 -1.82%
Apple Inc 109.27 -1.10 -1.00%
Alcoa Inc 9.49 -0.08 -0.84%
Microsoft Corp 42.61 -0.89 -2.05%
General Electric Co 24.00 -0.51 -2.08%
Data as of 4:03pm ET

Sections

Jessica Alba's Honest Company has been sued by a customer who claims the company is making false claims in its marketing and labeling. More

Harlem's Hot Bread Kitchen teaches kitchen skills to low-income immigrant so they can find employment. More

Google has released Chrome 45, which claims to make your browser faster and give your laptop battery extra life. More

Harlem's Hot Bread Kitchen teaches kitchen skills to low-income immigrant so they can find employment. More

Pimco's famous fund once managed by star manager Bill Gross has less than $100 billion in management for the first time since 2007. More