Asian share prices tumbled for a third day as investors feared a global recession would badly hit company earnings.
Asian share prices tumbled for a third day as investors feared a global recession would badly hit company earnings.
Japan's Nikkei closed at a five-and-a-half year low, down 9.6% after the electronics giant Sony halved its full-year profit forecasts.
Japan's Nikkei closed at a five-and-a-half year low, down 9.6% after the electronics giant Sony halved its full-year profit forecasts.
South Korea's market fell 10% as chip maker Samsung announced a 44% fall in its third-quarter profits.
South Korea's market plunged 10.6% as chip maker Samsung announced a 44% fall in its third-quarter profits.
Economic growth in South Korea has now dropped to a four-year low.
Economic growth in South Korea has now dropped to a four-year low.
Seoul's Kospi benchmark share index was set for its biggest weekly fall ever, shortly before closing.
Seoul's Kospi benchmark share index closed below 1,000 points for the first time since May 2005 - it has lost more than half its value so far this year.
The index has now sunk below 1,000 points for the first since in more than three years, having lost almost half its value so far this year.
It is the Seoul market's worst weekly fall - 20.5% - since records were kept in 1987.
South Korea's currency, the won, has lost a third of its value this year.
'Exports hurting'
In Tokyo, the Nikkei dropped below the 8,000-mark for the first time in more than five years.
In Tokyo, the Nikkei dropped below the 8,000-mark for the first time in more than five years.
Yutaka Miura, of Shinko Securities in Tokyo, said Sony's profits warning was "yet another indicator that the global economy is really slowing".
"Investors remain worried over growing uncertainty about the state of the global economy," he said.
A strong yen is causing concerns about Japanese export earnings, as the US dollar fell below 96 yen, its lowest level for 13 years.
A strong yen is causing concerns about Japanese export earnings, as the US dollar fell below 96 yen, its lowest level for 13 years.
Shares across Asia all fell - Hong Kong was down 4.6%, Singapore fell 4.8%, Sydney dropped 2.7% and Mumbai 4%.
"The stronger yen is hurting Japanese exports, which is a big part of that country's economy," said Linus Yip, of First Shanghai Securities in Hong Kong.
Oil price question
Share markets across Asia all fell - Hong Kong was down 7.3%, Singapore fell 7.5%, Mumbai dropped 7.8% and Sydney 2.7%.
Former US Federal Reserve boss Alan Greenspan has warned the world is continuing to face a "once-in-a-century credit tsunami" which will have a severe impact on his country's economy.
Meanwhile Asian countries have re-committed themselves to establishing an US$80bn emergency fund, as leaders from across Asia and Europe gathered in Beijing to discuss the global financial meltdown.
The deal would enable countries to borrow from the fund when facing a liquidity crunch.
'Credit tsunami'
Thursday was another volatile trading day on Wall Street after a slew of weak corporate earnings stoked fears of a United States recession.
Thursday was another volatile trading day on Wall Street after a slew of weak corporate earnings stoked fears of a United States recession.
The main Dow Jones index fell as low as 8,251 points before closing the day up 172 points or 2% at 8,691.
The main Dow Jones index fell as low as 8,251 points before closing the day up 172 points or 2% at 8,691.
The technology-heavy Nasdaq in contrast lost 0.73% to close at 1,603.9 points.
The technology-heavy Nasdaq in contrast lost 0.73% to close at 1,603.9 points.
It was the Dow's first rise in three days, and analysts suggested that it was due to higher oil prices, which boosted energy-related shares.
It was the Dow's first rise in three days, and analysts suggested that it was due to higher oil prices, which boosted energy-related shares.
US light crude added $1.63 to reach $68.38 a barrel, after falling as low as $66.73 a barrel - its lowest point since June 2007.
The oil cartel Opec is meeting in Vienna, to decide on production cuts in order to bolster prices.
The rise in oil prices followed comments by Chakib Khelil, the president of oil cartel Opec, who said member states had agreed in principle on cutting back oil production. However, the amount of cutbacks has yet to be agreed and will discussed at a meeting in Vienna later on Friday.
Former US Federal Reserve boss Alan Greenspan has warned the world is continuing to face a "once-in-a-century credit tsunami" which will have a severe impact on his country's economy.
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