Japanese equities had their worst one-day decline since the 1987 stock market crash, leading the rest of the region steeply lower as worries about a global recession intensified amid deteriorating economic data.

The Nikkei 225 fell 11.4 per cent to 8,458.45, just shy of its closing price last Friday, which was more than a five-year low. The index’s volatility has been particularly visible this week, having posted its biggest daily gain on record on Tuesday. The broader Topix lost 9.5 per cent to 864.52.