Asian Markets Fall; Tokyo Down 5.4 Pct.

Now it's getting really serious. Will it be taken seriously before it becomes a full fledged panic?:

Asian shares tumbled again Friday, with the Tokyo benchmark nose-diving 5.4 percent, as the region showed little sign of staging a recovery amid a global sell-off over U.S. credit fears. European stocks, meanwhile, were mixed in early trade.

The dollar's decline that worsened earnings prospects for Japanese companies added to the battering Tokyo's benchmark has been taking in recent sessions, sending the Nikkei 225 index crashing 874.81 points, or 5.4 percent, to close at 15,273.68, its lowest close in a year.

Hong Kong's blue chip Hang Seng Index was down as much as 5.2 percent midafternoon, and the Korea Composite Stock Price Index lost 3.19 percent after dropping 6.9 percent the previous session.