Tokyo stocks nosedived Thursday with the largest percentage loss in 20 years, on the sharp loss in New York and clouded global economic outlook.

The benchmark Nikkei-225 index plunged 1,089.02, or 11.41 percent to 8458.45 points. It's Nikkei's second largest single-day percentage drop, following a 14.90 percent loss logged on Oct. 20,1987.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange lost 90.99 points, or 9.52 percent, to 864.52.

The last time the Nikkei hit the 8,000 level at closing was Friday when it finished at 8,276.43, marking its lowest close since May 28, 2003.

But the stocks made remarkable pull-back on Tuesday, rebounding more than 14 percent, the biggest percentage gain in record.

Stocks fell across the board, led by sea transport, mining and trading house issues.

In U.S. stocks Wednesday, the Dow Jones index plunged nearly 8 percent, following the gloomy readings of economic figures.

Investors believed there is no bottoming out for the stock market in the near future as it is uncertain when the global economic crisis will be resolved.

(Xinhua News Agency October 16, 2008)