Asian stock markets tumbled Thursday, with benchmarks in Japan and Hong Kong both losing more than 5 percent, after fears of a protracted recession sent Wall Street plunging to it lowest point in five years.

Asian stock markets tumbled Thursday, with Japan's main index losing nearly 5 percent, after fears of a protracted recession sent Wall Street plunging to it lowest point in five years.

Pounded by a fierce financial crisis, the country is sinking deeper into economic despair and is likely to be in the hole well into next year, forcing more Americans into the ranks of the unemployed.

Chrysler and General Motors are still showing off their newest vehicles at the Los Angeles Auto Show, but their displays were noticeably quiet Wednesday while Asian and European companies unveiled new models that will likely chip away at the U.S. market share.

Nissan Motor Co. and Renault SA Chief Executive Carlos Ghosn said Wednesday that he expects the current crisis in the auto industry will soon lead some carmakers to consolidate.