Asian stocks dropped 3 to 4 percent on Friday after panic triggered the worst sell-off on Wall Street since the global financial crisis, sending investors slashing positions and scrambling for cash and government bonds.
Complicating matters was that Japan and Switzerland have intervened this week to weaken their currencies, which were considered the safest in the developed world. That has caused some safety-seeking investors to look elsewhere when financial market volatility is spiking.
via cnbc.com
