Market slump continues as Fed pushes on with taper

Japan's Nikkei has dropped another 2.5% overnight as equity markets move further into the red following a fresh tapering announcement from the US Federal Reserve.

In its first unanimous decision since last June, the US central bank said it would pare back its stimulus programme by another $10bn in February, taking total month asset purchases down to $65bn. A statement from the central bank made no mention of the recent slump seen in emerging markets - widely thought to have been prompted by its initial decision to taper - and prompted a further equity market slump. In Japan, the Nikkei closed 2.5% lower at 15,007 and has now fallen 8% since the start of the year, against a backdrop of poorly-performing equity markets worldwide. In the US, t...