Asian and European markets fell Friday after another overnight drop on Wall Street spurred by news about rising foreclosures on U.S. mortgages, intensifying concerns about the world's largest economy. Japan's Nikkei 225 index fell 3.3 percent to close at 12,782.80 as investors sold exporters' shares amid the dollar's drop to a three-year low against the yen during Asian trading.Hong Hong's Hang Seng index closed down 3.6 percent, bringing its decline since the start of the year to 19 percent.
Australia's benchmark index sank 3.2 percent while in Seoul the Korea Stock Price Index declined 2 percent. India's benchmark Sensex was down 4 percent in afternoon trading, paring earlier losses of over 5 percent.
The Philippine Stock Exchange Index plunged 2.8 percent to a six-week low, while in mainland China the Shanghai Composite Index fell a more moderate 1.4 percent.
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