Tokyo's stockmarket has fallen to its lowest level in five years as turmoil in the United States overnight reverberates across Asia.

Shane McLeod reports from Tokyo the Nikkei index lost more than five percent of its value within minutes of the Tokyo exchange opening.

The benchmark fell below 10,000 points for the first time since December 2003, reflecting investor disquiet with the response to the global credit shock.

The financial turmoil has dampened calls for an early election in Japan.

New Prime Minister Taro Aso says his government's first priority will be to deal with the economic situation.

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