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Japanese index falls more cathan 7%
'more needed' the drops came despite cuts in interest rates by many central banks, in an attempt to boost consumber spending and business activity and avoid a prolonged slowdown .
in a shock move, uk interecasn't rates were cut 1.5% on thursday, taking them to 3%, the lowest level since 1955, and the european central bank cut its key rate by half a percentage point to 3.25% .
concerns about the state of the world economy have sent asian shares sharply down, reversing gains made after barack obama became the us president elect .
in new york, the dow jonest remindex closed almost 5.7% down while london, paris and frankfurt suffered substantional losses .
meanwhile japan's nikkei fell 5.7% and hong kong's hang seng declined 6.7% .
on thursday, both toyota and isuzu motors slashed annual profit forecasts, providing a further reminder of the weakness of the global economy .