Kerber saved two set points but then produced a double-fault to give it away.
Williams saved two set points at 5-4 but netted a backhand to hand the Slovenian the first set.
But Monaco squandered two set points on his opponent's serve and five games in a row gave Djokovic victory.
Elsewhere, third seed Novak Djokovic saved two set points against Juan Monaco on his way to a 6-3 7-5 victory.
Calleri saved two set points in the opening set, before Coria's accuracy from the baseline saw him move into the lead.
Crunching ground strokes set up two championship points, finished with an explosive forehand as Williams claimed the WTA Championships for the third time.
The 2003 US Open champion forced his opponent to put a backhand wide, an approach long and a volley wide to bring up two set points.
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Playing her first match since falling in the fourth round at Wimbledon, Jankovic saved two set points in the 10th game against the unseeded American before taking control of the contest.
Parmar saved two set points at 4-5 down in the opening set to force a tie-break and then took advantage of a costly double-fault from his opponent to take it 7-3.
Errani, who is ranked 23rd in the world, showed plenty of grit to save two set points in the eighth game, but when a third set point came up in the following game Sharapova ruthlessly converted.
For the next hour, serve held sway, with neither man facing a break point and the only moment of real drama came when Soderling missed his first two set points with nervous errors, before Federer netted a backhand on the third.
The Russian's ability to serve out the set was not fully tested when, at 5-3, Djokovic double-faulted on the first point of a game for the second time, soon found himself two set points down, and then watched as a Davydenko sliced return floated past him into the corner.
Federer came out in blistering form as he dominated the opening set, dropping just two points on serve and converting his fourth break point in game eight as he swept through it in 32 minutes.
Ferreira fought back in the final set and had two break-points in the seventh game but could not capitalise.
It was a long way back for Djokovic but he was playing well and remained highly competitive in the third set, fending off two break points in game eight as Federer sensed the finish line approaching.
The crowd briefly came to life in the third set as Murray bravely fought off two break points at 2-2, roaring his approval.
But the world number 14 appealed to the replay, which showed Federer's shot was out, and two points later Djokovic stole the set with a net cord.
Federer held two match points in the second set tiebreak but they both went begging as Berdych won a thrilling match 3-6 7-6 6-4 against the five-time champion.
The title had looked like it might slip away when Federer saved two match points in the fourth set, the second with a superb backhand, but Nadal said he had not been worried.
But with the scores at 3-2, Ward took the second of two more break points before sealing the set in the eighth with a break to love.
Henman started dreadfully by losing his second service game but despite losing the first set, the fact that he did claim two break points did give the crowd some hope.
Broady and Farquharson had three breakback points in Burton's next service game and took the second to level the set at 3-3 and Morgan saved two break points in his next service game with two big serves.
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"Anytime you can reach the quarter-finals it's great, " said Reeves, who survived two match points to force the second-set tiebreaker.
Verdasco saved two break points before taking the first-set tie-breaker 7-5.
Hingis endured a nervous second set, letting a 4-1 lead slip and wasting two match points on Safina's serve at 5-3.
Djokovic came within two points of winning the match in the fourth-set tiebreaker before Nadal sent the match to a fifth set.
WSJ: With 'Outrageous' Australian Open Win, Novak Djokovic Sets Sights on Paris
At one point the Welsh county were 37 points clear in County Championship Division Two and looked set to return to the top-flight after a five-year absence.
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