By SHINO YUASA, Associated Press Writer Thu Oct 16, 4:31 AM ET TOKYO - Japanese Prime Minister Taro Aso said Thursday the U.S. bank bailout was insufficient to quell investors' fears and the lack of confidence is contributing to the renewed plunge in global stock markets.

"Since it was insufficient, the market is again falling sharply," Aso told lawmakers at the upper house budget committee in parliament. "My understanding is that it was the voice of markets." The budget committee was wrapping up talks on a supplementary budget aimed to help struggling small- and mid-sized firms amid an economic downturn.

Aso made his comments as Japan's key stock index plummeted nearly 10 percent in early trading Thursday following another dive on Wall Street amid growing global recession fears. The index later fell even lower, closing down 1,089.02 points, or 11.4 percent, to 8,458.45, the biggest one-day percentage drop since the market crash of October 1987. Read More

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