Asian stocks plunged on Wednesday after Wall Street chalked its second-biggest drop in four years and rattled already nervous markets worldwide.
The tumble extended weeks of international trading turmoil rooted in deepening concern about a wilting global economy.
Concern about US subprime lenders and lackluster retail sales pushed the Dow Jones industrials down 1.97% overnight.
Investors continued the sell-off in Asia, where stocks in Tokyo, Seoul, Singapore, Hong Kong and Kuala Lumpur were all down more than 2%. Markets in Sydney and Shanghai lost about 1.76% and 1.85% respectively.
At the Tokyo Stock Exchange, the region's biggest bourse, the benchmark Nikkei 225 index fell 512.04 points, or 2.98%, to 16 666.80 points. Foreign investors who bought up stocks during the recent rally led the selling, traders said.
The broader Topix index, which includes all shares on the exchange's first section, shed 49.55 points, or 2.87%, to 1 675.88 points.
Overnight, the Dow fell 242.66 points, or 1.97%, to 12 075.96 amid concerns about US subprime lenders, who provide mortgages to people with poor credit.
Read more at FIN24.co.za
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