Around the World's Markets: Tokyo

TOKYO SHARE prices plunged by more than 5 per cent as the government said the domestic economy had shrunk for the third consecutive quarter, the longest contraction since 1955.

Fears of global financial meltdown were unabated as the Nikkei crashed 749 points - or 5.11 per cent - to 13,916.98.

Andrew Shipley, chief economist at Schroders Japan, said: "The Japanese economy is imploding and Japanese policy-makers are not responding to the crisis."