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Asian stocks plunge, as yen and bonds surge after oil plummets

Saudi Arabia poised to pump more crude even as coronavirus spooks global economy

The Nikkei stock index fell 5% to close at 19,698.76 yen on March 9. (Photo by Kento Awashima) 

TOKYO -- Plunging oil prices reverberated across global markets on Monday, sending equities plummeting, while the yen rose to multiyear highs and U.S. bond yields plumbed the lowest levels ever.

Oil prices were on course for their biggest one-day drop since the 1991 Gulf War after Saudi Arabia, the world's largest oil exporter, ended failed talks with Russia over cutting supply and embarked on a fierce price war. New York crude oil futures were trading at around $32 by late afternoon in Asia, down 22%, or about $9, from Friday.

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