October 10, 2008 / 6:14 AM / 9 years ago

Nikkei has biggest one-day drop since '87 stock crash

(Updates with close)

TOKYO, Oct 10 (Reuters) - Japan’s Nikkei stock average dived 9.6 percent on Friday, its biggest one-day loss since the 1987 stock market crash, on growing fear the financial crisis will spark a global recession. The benchmark average’s drop of 24 percent for the week was more than double the weekly drop right after the 1987 market crash.

    The market mood, which was bleak after a fall in New York shares and news that a Japanese real estate investment trust had failed, turned even darker after a bankruptcy filing by unlisted Yamato Life Insurance. [ID:nTKB003055]

    The benchmark Nikkei .N225 shed 881.06 points to 8,276.43, its lowest close since May 2003. At one point it lost more than 1,000 points. The broader Topix .TOPX lost 7.1 percent to 840.86 after earlier falling more than 8 percent. (Reporting by Elaine Lies)

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