TOKYO, Jan. 22 (UPI) -- Asian markets tumbled Tuesday on U.S. recession fears, with the Nikkei average in Japan skidding nearly 10 percent in the last two days.
The Nikkei 225 fell 5.7 percent to 12,573.05 Tuesday, it's lowest level since September 2005.
"The falls are starting to reflect a big fear factor out there," Macquarie Equities investment director Arthur Lim told the Wall Street Journal.
Hong Kong's Heng Seng index dropped 2,061.23 or 8.65 percent to 21,757.63.
In India, markets closed for an hour to halt an early plunge. The Sensex fell more than 12 percent by midday, but recovered to a less drastic loss of 4.97 percent, closing at 16,729.94.
Asian exports took some of the losses on fears the U.S. market is not what it used to be. Toyota Motor fell 7.2 percent and Sony dropped 6.9 percent.
The Kospi Composite in South Korea is at a four-month low, losing 4.4 percent Tuesday and 3 percent on Monday.
