Japan's Nikkei Index rose for the third straight day following gains overnight on Wall Street and a week of fluctuation amid global worries about a possible U.S. recession. As Naomi Martig reports from Hong Kong, financial analysts say concern is steadily growing among investors and officials in Asia about just how damaging the predicted recession will be.
It has been a very volatile week for global stocks. At its low points, China's main stock index in Shanghai dropped to its lowest level in nine months, share prices in Hong Kong and Japan both witnessed plummets of more than three-percent, and the dollar continued to hit below that psychological 100-yen mark.
There were also short-lived surges. Stocks in Asia rallied on Wednesday after the Federal Reserve announced an interest rate cut of 75 basis points and two heavyweight U.S. investment banks, Lehman Brothers and Goldman Sachs reported better-than-expected results.
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