Shares in Japan have fallen to their lowest level in 26 years, as fears of a global recession plague global markets, CNNMoney.com reported.

Japan’s Nikkei index closed its session 6.4 percent lower, which marks the lowest finish since October 1982.

Tokyo also experienced turmoil in its markets as the yen fluctuated near a record high against the dollar. Japanese exports become increasingly expensive with a rising yen, which spurred financial ministers and central bank presidents to issue a statement outlining their concerns.

“We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability,” said the statement, representing the world’s seven industrialized nations.

Other markets around the globe experienced poor performances as well. Hong Kong’s Hang Seng index plunged 12.7 percent, Britain’s FTSE 100 was down 1.5 percent, and Paris’ CAC-40 was down 4 percent. In Germany, the DAX fell 2 percent.