Asian markets slid on Monday as investor sentiment took a knock amid the renewed slump in the Turkish lira.
In Japan, the Nikkei 225 nose-dived 440.65 points, or 2%, to 21,857.43, as the yen firmed amid uncertainty in Turkey. The safe-haven currency traded at 110.30 to the U.S. dollar, compared to levels around 110.90 seen on Friday.
That, in turn, saw exporter stocks turn lower, with automakers and electric appliances taking a hit. Toyota Motor declined 2.1% and Canon lost 2.5%. The sea transport sub-index led losses, with the sector sinking 3.4% amid broad declines.
In Hong Kong, the Hang Seng stumbled 430.05 points, or 1.5%, to 27,936.57, as all sectors recorded steep drops before the market close, led by declines in the services sector.
Meanwhile, shares of China Huarong Asset Management dropped 4.1% in Hong Kong after the company issued a profit warning on Sunday, stating that it expected a "prominent decrease" in net profit for the six months ending June 30.
Korean markets declined sharply, as tech stocks extended recent declines, with heavyweight Samsung Electronics pulling back by 0.8%
In individual movers, Lotte Shopping tumbled 7.1% after the South Korean retailer reported a 17% decline in second-quarter profit, compared to one year ago.
Top of mind for investors has been the selloff in the Turkish lira, which extended its declines on Monday.
The lira edged past the 7.2 level to the dollar to touch a new record low earlier in the day but later pared some losses to last trade at 6.8145, down some 6% against the greenback after the Turkish central bank announced measures to bolster the currency during Asia afternoon trade.
In other markets
In Shanghai, the CSI 300 lost 14.68 points, or 0.4%, to 3,309.34
In Singapore, the Straits Times STI index shed 39.44 points, or 1.2%, to 3,245.34
In Taiwan, the Taiex index plummeted 234.76 points, or 2.1%, to 10,748.92
In Korea, the Kospi index faded 34.34 points, or 1.5%, to 2,248.45
In New Zealand, the NZX 50 dropped 65.56 points, or 0.7%, to 8,945.04
In Australia, the ASX 200 dipped 26.22 points, or 0.4%, to 6,252.17
