Topix posts worst two-day slide since 1987 crash

Japan's Topix index posted its worst two-day results since the crash of 1987, as shares continued to sink.

Overnight the Topix plunged 9.5%, to 766, as a third explosion rocked Fukushima nuclear power plant, raising fresh radiation fears.

The index has now lost 16% over two days, the most since the October 1987 stock market crash, according to Bloomberg.

Furthermore, the nation's Nikkei 225 index shed more than 1,000 points, or 10.6%, to 8,605.15 points.

At one point, the Nikkei was trading 14% lower, also registering its biggest two-day drop in 40 years.

The operator of the Fukushima Daiichi complex said radiation levels around the site immediately after Tuesday's blast were rising fast but still far from levels that local authorities say would cause large-scale radiation sickness, the Telegraph reports.

The plant was one of the worst hit following Friday's massive earthquake and tsunami, which has caused billions of dollars of damage.

Other markets were also impacted by the news. Australian shares fell 2.1% to their lowest close in over six months, while Korea's main Kospi index ended the day 2.4% lower.

Taiwan stocks finished down 3.4%, their biggest drop in 13 months.

Meanwhile, overnight in the US, the Dow Jones closed more than 50 points lower, or 0.43%, at 11,993.