DEBORAH MARCHINI, CNN ANCHOR: If you really want to see valuations sink, look at Tokyo. Stocks there fell 3 percent yesterday to yet another 16-year low. Michelle Han is in Hong Kong with a look at the Asian trading -- Michelle.</s>MICHELLE HAN, CNN CORRESPONDENT: Well, good morning, Deborah, but nothing very good about it. Tokyo stocks dropped to yet another 16-year low on Tuesday, as you mentioned. Driving down the market was a combination of Wall Street's plunge on Monday, more high-tech profit warnings and political turmoil in Japan. Tokyo's sell-off has become so severe that one strategist was quoted as saying that all hell was breaking loose. The Nikkei lost 2.8 percent to close at its lowest level since January 1985. Tech shares, once again, proved the most vulnerable to the Nasdaq's declines. Japan's NEC lost nearly 7 percent while Fujitsu fell 4 1/2 percent. Wall Street's losses also weighed down stocks in Hong Kong. The Hang Seng index ended down 2 percent at a 16-month low. Property and banking stocks were hurt by concerns about a delay in interest rate cuts. Blue chip New World Development was the biggest percentage loser. It fell nearly 8 percent. The Nasdaq's troubles didn't frighten investors in Taiwan, though. Stocks ended higher for the first time in four sessions on strength in semiconductors. Investors chased chip stocks like Winbond Electronics on hopes for a rebound in chip prices. The Taipei weighted index closed with a gain of half a percent. And that's a wrap of the business day here in Asia. Deborah, back to you in New York.</s>MARCHINI: Yes, Michelle, the Taiwan market the only one with a positive sign in front of it today. Thank you.
Nikkei Hits New 16-Year Low On Broad-Based Sell-Off