The rate cuts in South Korea, Hong Kong and Taiwan, which helped Asian equities stage a modest recovery, came a day after China and six central banks, including the US Federal Reserve and the European Central Bank, slashed their rates.
Hopes that the global action could spur a recovery in the European and US markets quickly faded yesterday as equities came under further pressure and the frozen money markets showed no signs of thawing.
In Tokyo, the Nikkei 225 index ended down 0.5 per cent, while Hong Kong advanced 3.3 per cent, having suffered an 8.2 per cent fall on Wednesday, its worst single-session loss since 1973.
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