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Tokyo stocks slide seven per cent on US auto deadlock

12 Dec 2008 3:52 PM

Tokyo's Nikkei stock index has slumped more than seven per cent after the US Senate failed to pass a rescue plan for ailing automakers .. sending the dollar down to a 13-year low against the yen.

The Nikkei tumbled 614.46 points .. or 7.05 per cent .. to 8,106.09.

The dollar slumped below 90 yen for the first time since August 1995 after hours of late-night negotiations among US senators collapsed.