(REUTERS) March 17 - Bourses across Asia suffered heavy losses on Monday ignoring an emergency move by the Federal Reserve to stem a fast spreading credit crisis.
Banking stocks were badly bruised on news that U.S. bank stepped in to buy ailing peer Bear Stearns with worries that more financial institutions were suffering big losses.
Japan's Nikkei fell to a 2.5-year closing low. the dollar fell 3 percent against the yen as confidence eroded that the U.S. can avoid a deep recession.
Tara Joseph-Hui reports.
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