Asian Market Update : Epic Research Malaysia

The global equity bear market deepened in Asian trading, with Japanese stocks headed for their worst week since 2008 as anxiety over central banks' ability to revive the world economy fueled a rally in the yen. Oil rebounded from a 12-year low.

The Topix index slumped 4.4 per cent in Tokyo as traders returned from holiday, pushing the regional Asian benchmark toward its steepest weekly drop since gyrations in Chinese assets at the start of the year. US index futures signaled gains after losses there helped the MSCI All-Country Index cap a 20 per cent slide from its May record. The yen was set for its strongest two-week advance since 1998. US crude rose from a 12-year low.

"We've entered a different phase in the market," said Juichi Wako, a senior strategist at Nomura Holdings Inc in Tokyo. "We're not simply in a risk-off mode, the market's fallen to the point of pricing in a recession in the US."

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