Turkish lira decline 5 pct, stocks expected to fell sharply due to recession fear

Asian stocks outside of Japan dropped 6 percent after Wall Street suffered its worst one-day percentage declines since the stock market crash of 1987. The Dow Jones industrial average ended down 7.87 percent, and the S&P 500 index lost 9 percent.

Governments around the world have pledged $3.2 trillion in emergency measures -- roughly an equivalent to the economic output of Germany or China -- including taking stakes in banks to help them stabilize, rallying world markets on Monday and Tuesday.