In today's market report... Asian shares fell sharply Tuesday, led by Japan, as worries about a flagging global recovery grew.
The Nikkei tumbled in s worst single-day decline since June 7, hitting a 16-month closing low. It comes as investors doubted that measures taken by the Bank of Japan would stem the yen's advances or bolster the economy.
The Japanese currency neared a 15-year peak hit last week, as the BOJ's cheap loan scheme did little to change market sentiment, with exporters such as Sony and Canon declining.
Many now expect the government to have to intervene in the foreign exchange market, although the yen's strength is attributed to factors outside of Tokyo's control such as U.S. economic strength.
Elsewhere in Asia, the drubbing was not as severe with Shanghai down less than a percent, as the Nikkei joined the Chinese stocks as being among the worst global performers this year.
Shanghai's benchmark has lost about 19 percent compared to Tokyo's 16 percent, while the Dow Jones industrial average is only 4 percent lower.