Asian currencies
Asian currencies - 
Listen To The Story

STEVE CHIOTKAIS: Over to Asia now, where I mentioned markets plunged, as well. Like here in the U.S., lost most of their gains this year.

The BBC's Mariko Oi reports from Singapore.

MARIKI OI: Asian markets were leading the global recovery -- and most of their economies are thought to be fundamentally strong.

Plus, Asian countries have few of the debt concerns coming from the U.S. or Europe. But, from Sydney to Hong Kong to Tokyo -- all Asian markets ended the day 4 to 5 percent lower.

But we already knew about all the broader economic concerns, so why the panic now?

David Cohen is a trader with Action Economics.

DAVID COHEN: As we saw just a couple of years ago when the US and Europe suffered a recession, the asian economies were not immune, even China saw a slow down in growth and I think there's the concern that if the US were to go into a double dip recession that would be felt here in Asia.

Opinions are split -- some analysts say it seems to be a knee jerk reaction. But others are concerned that Asia may not have been as healthy or insulated as they thought.

In Singapore, I'm the BBC's Mariko Oi for Marketplace