DEBORAH MARCHINI, CNN ANCHOR: In Asian trading, stocks got hit fairly hard, particularly banking and tech shares in Tokyo. Joining me now is Michelle Han, with a look at the Asian markets, from our bureau in Hong Kong. Hi -- Michelle.</s>MICHELLE HAN, CNN CORRESPONDENT: Deborah, good morning. Well, although traders in Tokyo initially shrugged off Monday's negative economic news, pessimism did set in today, sending the Nikkei to levels not seen since early April. The index tumbled nearly 3 percent, closing at session lows. The big losers there: banks. Both Mizuho Holdings and Mitsubishi Financial hit new lows on Tuesday as investors continue to worry about their financial health. Amid nationwide strikes in South Korea, ailing Hyundai Engineering has won support from its union to cut 1,000 jobs this year. The move comes as creditors for the company try to work out a plan to ease the debt load and rescue the company from bankruptcy. Shares of Hyundai Engineering fell nearly 5.5 percent in Seoul trading. And as for the broader market, it was a mixed bag for most stocks. The KOSPI bounced in and out of positive territory throughout the day, only to close slightly off, at 607.15. And Deborah, that's the business day here in Asia. Back to you in New York.</s>MARCHINI: All right, Michelle, thank you so much. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Asian Market Update: Stocks Take Losses, Particularly Tokyo Banking, Techs