Around the World's Markets: Tokyo

THE BENCHMARK Nikkei 225 index fell to a 12-and-a-half-year low, pacing declines in Hong Kong and Singapore, amid concern other big developers' earnings will tumble as housing demand slides. The benchmark Nikkei 225 stock index fell 338.56 points, or 2.38 per cent, to 13,859.14, the lowest since February 1986.

Concern that local governments will not be able to invest in public works also weighed on property shares. The Tokyo metropolitan government will declare a state of emergency next month.