Japan pledges to help its banks

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Investors fear banks will need to find new capital and are braced for a loss at Nomura, which reports second-quarter results tomorrow. Analysts say the acquisition of Lehman Brothers may lead to a record $2 billion (£1.25 billion) loss.

Prime Minister Taro Aso said the government will expand its bank bailout scheme and crack down further on short-selling. The Tokyo stock market's Nikkei 225 Average has hit a 26-year low with the banking and finance sector bearing the brunt. Analysts believe plunging values of investment portfolios will lead to new capital demands.

Finance Minister Shoichi Nakagawa said the G7 nations would issue a joint statement on the yen's value against the dollar and euro. It is expected to flag greater co-operation in the foreign exchange markets.