Shares have plunged in Asia on growing fears of a global recession.

Japan's Nikkei tumbled more than 7% at one point, hitting levels last seen in May 2003.

It recovered some of the losses to end down 2.46 percent amid hopes of a bounce on Wall Street later in the day.

In London, the FTSE 100 index of leading shares market fell on opening before moving into positive territory.

The South Korean market closed down 7.4%.

Share prices in Hong Kong and Australia were also down as the first markets opened following Wednesday's mass sell-off on Wall Street.

The Dow Jones industrial index closed down 5.6% as the continued pressures of the credit crunch sparked panic-selling.

News that world leaders are to meet next month to discuss the global financial crisis failed to halt a plunge that began early on Wednesday and accelerated in late US trading.

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