Market volatility sends shares firmly into correction territory

The wild ride on the markets continued on the last day of trading in Asia, where Chinese blue-chips hit four-month-lows. The tumult followed another rout on Wall Street amid concerns over rising interest rates. Analysts, however, say the recent plunge is nowhere near a market crash and that economic fundamentals remain robust. Also today: a public primary school in Tokyo is under fire for choosing a new, Armani-designed uniform with a hefty price tag.