Japan's Nikkei share average plunged 9.6% on Friday for its biggest drop since the 1987 stock crash, wiping out $202 bln in market value on growing fears that the financial crisis will spark a global recession. The Nikkei, which has fallen for seven straight days, lost 24% on the week, more than twice what it lost the week of the 1987 crash. It has lost 46% this year. Trouble hit home with the bankruptcy filing of Yamato Life Insurance, the first failure of a Japanese financial institution due to the global credit turmoil. That shocked investors who had viewed Japan has relatively safe from much of the pain seen in the United States and Europe, and who were already rattled by the collapse of a domestic real estate investment trust and a fall in New York shares. The benchmark Nikkei sank 881.06 points to 8,276.43, its lowest close since May 2003. At one point it was down more than 1,000 points. The broader Topix shed 7.1% to 840.86... Hong Kong shares sank 7.2% to a nearly three-year low on Friday, mirroring sell-offs in markets across the globe as investors worried about the risks of a global recession. The main index dropped 16.3%, or more than 2,800 points, in its worst weekly%age drop since the market meltdown of January 1998. The benchmark Hang Seng Index dropped 1,146.37 points to 14,796.87 after earlier falling to 14,398.54, its lowest since November 2005. The index plunged 9.7% in the afternoon after major European indexes tumbled 10% in arly trade. Brokers said there was no sign of panic-selling on Friday, since most retail investors apparently had sold down their holdings in the first part of the week while funds had most likely pulled out their money earlier on. Mainboard turnover stayed slim at HK$69.4 bln but higher than Thursday's HK$60.9 bln. (Reuters)