Japan stocks enter bear territory as oil falls below $28

US oil sank below $28 a barrel in Asian trading after the International Energy Agency warned that the market for crude could "drown in oversupply". In Tokyo the Nikkei 225 Index lost 3.71%. The fall follows sustained losses over the

Axel Weber, chairman of UBS, told Bloomberg TV that various factors contributing to the slide mean he doesn't expect oil prices to bottom out anytime soon. He said he thinks current levels will continue for some time. Mining giant BHP Billiton is more hopeful for a rebound in oil and copper, chief executive Andrew Mackenzie has said, though he does not expect iron ore or coal prices to recover in the next few years.

BHP shares fell 4% in Sydney to their lowest in more than a decade at A$14.14. The falling oil price is also worrying global chief executives, who are more pessimistic about growth than this time last year, according to a survey.