11/26/2008 05:12 am ET Updated May 25, 2011

South Korea Slashes Interest Rate, Japan Calls Emergency Meeting After Shares Hit 26-Year Low

South Korea resorted to a record interest rate cut and Japan called an emergency meeting after shares hit a 26-year low as Asian governments scrambled to prevent stricken markets from sucking economies into a global slump.

Australia's central bank said it had intervened to support its currency in another sign that policymakers are reaching beyond troubled banks now that the financial crisis has shattered investor confidence, and threatens jobs and corporate sales.

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