Asia stocks fall for 5th day

Investors pulled money out of Asia in anticipation of a global crisis as Asian stocks fell.

Mitsubishi UFJ Financial Group, Japan’s biggest lender and many big financial companies saw their stocks fall more than 10percent for a second day. Investors focus more on the investment portfolios of Japanese banks that have worsen as the Nikkei share hit a 26-year low.

US dollar rose to a more than2-year high against the Euro. It benefited as investors unravel overseas trades supported by borrowing dollars. The result has been a chaos for the US currency and  a huge decline in almost class outside of government bonds in the Europe, Japan and United States.

Yen versus the Euro

The yen strengthened versus the Euro after the Group of Seven rich nations issued a brief statement singling out the yen and warning that high volatility in the currency could be volatile to stability.

"Confidence is certainly lacking. It hasn't been restored by anything anyone's done of late," said Hans Kunnen, head of investment markets research at fund manager Colonial First State in Australia.

The Nikkei index was down 0.95 percent to its lowest since 1982. Canon Inc. shares were down 4.6 percent after the copier and camera maker cut its annual outlook because of slower overseas demand and the strong yen.

The MSCI index of Asia-Pacific stocks outside Japan slipped 0.5 percent after earlier hitting a 4-year low. The index is down 62.5 percent so far this year, exceeding the 49.7 percent decline in the all-country world index.