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Asian benchmarks decline after bear market hits Wall Street

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Asian shares fell across the board after Wall Street tumbled into what’s called a bear market, indicating that major U.S. benchmarks and individual stocks have fallen 20% or more from a recent high for a sustained period of time

TOKYO — — Asian shares fell across the board Tuesday after Wall Street tumbled into, indicating that major U.S. benchmarks and individual stocks have fallen 20% or more from a recent high for a sustained period of time.

Some economists are speculating the Fed on Wednesday may raise its key rate by three-quarters of a percentage point. That’s triple the usual amount and something the Fed hasn’t done since 1994. Adding to worries about the fragile Japanese economy is the sliding yen, recently at 135, the lowest level against the U.S. dollar since 1998. The U.S. dollar fell to 134.40 Japanese yen from 134.46 yen, as the yen's weakness was mitigated somewhat by Bank of Japan Gov. Haruhiko Kuroda's comments expressing concern about its decline.“Against this backdrop, equities in Asia are unlikely to be spared pain,” said Tan Boon Heng at Mizuho Bank in Singapore.

“The best thing people can do is to not panic and don’t sell at the bottom,” said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research,"and we’re probably not at the bottom.” The higher yields mean prices are tumbling for bonds. That happens rarely and is a painful hit for older and more conservative investors who depend on them as the safer parts of their nest eggs.

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