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TOKYO — Japan’s stocks dropped, driving the Topix index below 1,000 points for the first time since December 2003, as the global credit crisis deepened in Europe and UBS AG said turmoil in Japan’s real-estate market will worsen.
Mitsubishi UFJ Financial Group Inc. plunged a record 9.9 percent after Germany agreed to rescue Hypo Real Estate Holding AG and the United Kingdom said it’s ready to support its banks.
Japan’s benchmark Nikkei 225 average was down 4.4 percent, while Hong Kong’s Hang Seng index slid 3.7 percent. Markets in mainland China, Australia, South Korea, Singapore and Thailand also fell sharply. Bloomberg News
