Asia stocks dive to 4-year lows; yen slips on G7 [September 27 2008]

Asian shares extended losses today, with Japan's Nikkei briefly hitting its lowest since 1982, as central bank policy moves including a record rate cut in South Korea were not enough to allay fears of a global recession. Trading was chaotic amid continued doubts over whether governments can stem a crisis that is menacing financial markets, worldwide economic growth and company earnings. Japan pledged fresh measures on Monday to try to shield the world's second-biggest economy from the financial crisis and said the Group of Seven would issue a joint statement on the yen, which has risen rapidly as investors flee riskier investments.

The yen slipped slightly against the dollar after the comments while Japanese shares pared losses but remained in negative territory. Earlier in the day, South Korea slashed interest rates in an emergency meeting and Australia's central bank said it had intervened on Friday to support its tumbling currency.