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(Noon): Shares in London were down sharply by midday after Japanese authorities failed to reassure investors over its stimulus measures.
The FTSE 100 share index was down 105 points, or 1.6%, to 6,296, with other European markets seeing similar falls.
Earlier, Japan's central bank issued a statement repeating iforecast of a moderate recovery in Japan.
But it made no new policy announcements, disappointing investors hoping for a commitment to stimulus.
The Dax in Frankfurt and the Cac 40 index in Paris were both nearing 2% falls by lunchtime.
Earlier, Tokyo's Nikkei 225 index fell 1%, though that came after a 4.9% rise yesterday.
The yen rose nearly 2% against the dollar.
Global stock markets have risen significantly since Japanese authorities began a huge programme of stimulus measures in April.
Investors have also been encouraged by the US Federal Reserve continued $85bn-a-month programme of quantitative easing (QE).
But traders are now worried about when those stimulus measures will be withdrawn.
Last week the European Central Bank also declined to do more to boost economic growth, while the Fed is discussing when its QE programme will be wound down.
Source: BBC News - Business http://www.bbc.co.uk/news/business-11899862#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
