Asia Markets Fall on Wall Street Decline

TOKYO — Asian stocks slid lower Thursday as traders took their cues from an overnight slump on Wall Street. Japan's benchmark Nikkei 225 index fell 2.8 percent.

The Nikkei was down 449.39 points at 15,647.29 points on the Tokyo Stock Exchange shortly after the start of the afternoon session. The broader Topix index of all the exchange's First Section issues fell 49.32 points, or 3.17 percent, to 1,507.37.

In Hong Kong, the benchmark Hang Seng Index fell 3.7 percent. By early afternoon, the blue chip index was down 1,086.95 points at 28,621.98.

Traders in Japan sold real estate, commodities and financial shares amid renewed concern about the impact of the subprime loan problem.

Daiwa House fell 3.1 percent to 1,380 yen, and Sumitomo Mitsui Financial Group shed 3.5 percent to 792,000 by the end of the morning session.

Exporters were also lower on a generally weaker dollar.

Toyota Motor Corp. fell 3.4 percent to 6,220 yen. Sony Corp. shed 3.1 percent to 5,350 yen.

In currencies, the dollar was trading at 112.76 yen Thursday afternoon, down from 112.88 yen late Wednesday in New York. The euro fell to $1.4643 from $1.4730.

A passel of worries tormented investors in the U.S. Wednesday, including the swooning dollar, record high oil prices and a record loss from General Motors Corp. on an accounting adjustment.

The Dow Jones Industrial Average fell 360.92, or 2.64 percent, to 13,300.02. It was the third time in a month the U.S. blue chip index has dropped by more than 350 points.

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