Asian markets extend losses

The Nikkei is getting closer to 7,000 (it's peak was 39,000) and Hong Kong is losing over 10% so far. China's Shanghai has lost another %5 though the South Korean market eventually finished positive after an emergency rate cut. There is plenty of talk about the US doing the same though at some point, you can only cut rates so low and it seems as though we are either there or pretty close to that point.