Asia Enters Bear Market

Among the big decliners, Yahoo Japan(YAHOF Quote - Cramer on YAHOF - Stock Picks) lost 9.3%, to 38,850 yen, while Kobe Steel(KBSTY Quote - Cramer on KBSTY - Stock Picks) fell 8.5%, to 311 yen, and Sony(SNE Quote - Cramer on SNE - Stock Picks) was 6.9% lower, at 5110 yen.

The price of gold fell 1.7%, to $867 an ounce in Asian trading. Traders say that the price of the yellow metal is now following the lead of equity price movements, rather than acting as a hedge against them.

Other markets in Asia fared equally badly. The Taiwanese Taiex, which has gained the most in the region this month after a recent China-friendly election victory, lost 528 points, or 6.5%, to 7581. The Korean Kospi fell 74 points, or 4.4%, to 1609.

In India, markets continued a drop for the second day. The Bombay Sensitive Index fell 875 points, or 5%, to 16,729.

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