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[Netman]

Stocks in Japan sink 4%

The Nikkei average dropped on the heels of a massive selloff in U.S. stock markets.

CNNMONEY.COM — 18 MINUTES AGO

Asian and Pacific stock markets tumbled in early trading Tuesday after the U.S. House of Representatives failed to adopt a $700 billion bailout measure, triggering a huge drop in U.S. stocks.

The Japan's Nikkei Index dropped more than 550 points to 11,183.71 in the first 45 minutes of trading, while the Australian Securities Exchange fell more than 240 points to 4,560.9.

The Korea Exchange in Seoul, South Korea, dropped 120 points to 2,918.9.

In the United States on Monday, the Dow Jones industrial average was down almost 778 points at the close on Monday - just under 7%. Other leading indexes were down more: The S&P 500 and the Nasdaq both dropped roughly 9%.

The day's loss knocked out approximately $1.2 trillion in market value, the first post-$1 trillion day ever, according to a drop in the Dow Jones Wilshire 5000, the broadest measure of the stock market.