Asian currency weakness panics investors. The Dow drops a record 554 points. Hong Kong's bourse also falls. The Dow breaks 9000. Indonesia's long-reigning President Suharto resigns.
Japan says it is in recession.
Japan's Prime Minister Hashimoto resigns as the yen tanks. Yeltsin fires Kiriyenko and taps Chernomyrdin as acting prime minister. Russia suspends foreign currency trading. On August 27, the Dow falls 357.36 in response to Russian turmoil. South Korea and Malaysia announce that they are in recession.