Japan's key stock index dropped almost five percent as exporters and banks sank amid worries about a global recession.
The Nikkei 225 index went down 4.76 percent at 7,285.18 in late trading. The broader Topix index shed 4.92 percent.
Trading Monday was extremely volatile, with the Nikkei swinging from a gain of 3 percent in the morning to a retreat of as much as 6 percent in the afternoon.
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