• Compiled From Kyodo, Bloomberg

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Tokyo stocks nosedived Wednesday, with the key Nikkei index plunging more than 9 percent to a level unseen in more than five years on panic selling amid escalating fears over the global financial crisis.

“It’s capitulation,” said Masafumi Oshiden, a Tokyo-based fund manager at BlackRock Inc., which oversees more than $1.4 trillion. “There are lots of forced sellers. If you’re a fund that’s going bust, you need to close out all your positions.”

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