Around the World's Markets: Tokyo

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THE BENCHMARK Nikkei 225 stock market index fell by 190.49 points, or 1.2 per cent, to 16,227.50, led by developers after the government forecast property prices would decline.

Mitsui Fudosan, the nation's biggest developer, fell 4.9 per cent to 1013 yen. Mitsubishi Estate was down 2.4 per cent at 1135 yen.

Banks fell on concerns borrowers would struggle to repay mortgages. Sumitomo Bank fell 0.9 per cent to 1505 yen.

Tokai Bank fell 2.3 per cent to 715 yen.