HONG KONG: A near five percent plunge in Tokyo led another Asian rout Friday, bringing to an end one of the most painful weeks for global investors as fears about the world economy — and possible recession — stalk trading floors.

The losses in Japan came as the yen pushed to more than 16-month highs against the dollar. The rise led the government to say it would take “appropriate measures,” fueling speculation officials were considering a currency market intervention.

Tokyo’s Nikkei stocks plunged 4.8 percent by the close, giving up about 10 percent this week despite being closed on Thursday for a holiday.

Hong Kong ended 1.2 percent down after a near four percent fall Thursday, Sydney shed 1.2 percent and Seoul’s KOSPI was 1.4 percent lower.

South Korea’s small-cap Kosdaq index ended more than seven percent lower, having been suspended briefly during the session when it dived eight percent.

The selling followed huge losses on Wall Street and in Europe.

In early European trade London rallied 1.0 percent, Frankfurt jumped 1.2 percent and Paris added 1.4 percent.

Juichi Wako, a senior strategist at Nomura Holdings in Tokyo, said: “We’re not simply in a risk-off mode, the market’s fallen to the point of pricing in a recession in the US. The market is saying we’re worried no matter what Yellen says.”

With investors pulling out of high-yielding assets, safe havens such as the yen are benefiting.

The unit soared more than seven percent against the dollar this year and is sitting around its highest levels since the end of October 2014.

The greenback touched below 112.00 yen at one point, from 112.39 yen late Thursday in New York.

Japan’s Finance Minister Taro Aso said “there have been some rough price movements so we are watching the market closely and will take appropriate measures if necessary.” The comments fed talk the central bank will step in for the first time since 2011 to prevent the yen going too high.

On oil markets West Texas Intermediate soared 4.5 percent and Brent added 4.2 percent after a Wall Street Journal report in which the UAE’s energy minister said “everyone (in OPEC) is ready to cooperate” on an output cut.

The news provided some respite to a market that has seen prices plummet about 20 percent this year, but there is skepticism that any progress will be made.

Bernard Aw, market strategist at IG Markets Singapore, said: “Without Saudi Arabia and Iraq, there’s not much the other players can do.”