MARKET REPORT: Asia stocks swung on Wednesday as fears over a global recession crept back into investors minds.
A U.S. central bank official said the U.S. economy looked to be in recession.
The head of the Bank of Japan said global financial markets looked very strained.
Large exporters such as Honda Motors fell sharply. Rival Mazda’s stock also fell after a report that it has scrapped plans to build a second factory in
the U.S.
The Nikkei reversed steep falls and ended 1.1 percent higher.
China stocks were also largely weaker on worries about slowing global growth, especially because China’s momentum was slowing sharply even before the financial crisis.
Property and auto markets have slowed sharply in China, a further sign that China is not immune from a slowing world economy.
Anthony Trotter reporting for Reuters.
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