Around the World's Markets: Tokyo

WORRIES THAT Hong Kong might abandon its sacrosanct peg to the US dollar and China might also devalue its currency caused a sell-off of bank stocks in Tokyo and helped to lower the Nikkei index 115.94 points to 15,876.22

Selling was also stimulated by rumours that a big commercial bank was saddled with huge losses on equity-linked derivatives.

Most big banks came under pressure with the Bank of Tokyo - Mitsubishi losing 61 to 1,279, Fuji Bank 19 to 478, Sumitomo 46 to 1,233 and Tokai Bank 30 to 684.