Tokyo stocks took a header Wednesday with the key Nikkei index shedding more than 9 percent to hit a new low since June 30, 2003 amid panic sell-offs triggered by a new round of fears over the global financial crisis.

A man passes an electronic board displaying financial data outside a brokerage in Tokyo October 7, 2008. [Xinhua/Reuters]

The benchmark Nikkei average plummeted 952.58 points, or 9.38 percent, to 9,203.32 from Tuesday. It briefly sank below 9,200 line during the afternoon trading.

The Topix index lost 78.60 points, or 8.04 percent, to 899.01.

On the First Section, declining issues outnumbered advancing ones by 1,649 to 44, with 14 others remaining unchanged.

Value leader Toyota Motor shrank 430 yen, or nearly 12 percent, to 3,280 yen while volume leader Nippon Steel decreased 38 yen, or nearly 12 percent, to 281 yen.

Trading volume on the main section fell to 2,857.85 million shares 2,965.13 million from Tuesday.

The TSE's Second Section index lost 114.32 points, or 5.61 percent, to 1,923.20 on a volume of 80.03 million shares.

On the Osaka Securities Exchange, the near-term December Nikkei225 index futures contract went down 1,120 points to 9,090.