Nikkei plunges 9.6 pct, biggest one-day fall since '87

By Elaine Lies TOKYO (Reuters) - Japan's Nikkei share average plunged 9.6 percent on Friday for its biggest drop since the 1987 stock crash, wiping out $202 billion in market value on growing fears that the financial crisis will spark a global recession. The Nikkei, which has fallen for seven straight days, lost 24 percent on the week, more than twice what it lost the week of the 1987 crash. It has lost 46 percent this year. "This is panic. New York, the currencies -- there's nothing left for us to trust," said Takashi Ushio, head of investment strategy at Marusan Securities. "Investors are scurrying to convert to cash. A lack of confidence is coupling with panic." Trouble hit home with the bankruptcy filing of Yamato Life Insurance, the first failure of a Japanese financial institution due to the global credit turmoil. That... [read full story]