Shares in South Korea plummeted, while the Korean won also slipped, after the White House announced that the ongoing Vietnam summit between U.S. President Donald Trump and North Korean leader Kim Jong Un on Thursday had been cut short with no agreement reached.
In Japan, the Nikkei 225 swooned 171.35 points, or 0.8%, to 21,385.16.
The Japanese yen, often viewed as a safe-haven currency, traded at 110.78 against the U.S. dollar after seeing an earlier low of 111.00.
In Hong Kong, the Hang Seng slid 124.26 points, or 0.1%, to 28,757.44.
Shares of industry heavyweight Samsung Electronics dipped 3.5%, and chipmaker SK Hynix fell 5%. Shares of companies with potential exposure to North Korea were also hammered, with Hyundai Elevator diving 18.6%
The Korean won slipped 0.4% to about 1,121.90 against the U.S. dollar after seeing an earlier high of 1,115.80
The Australian dollar changed hands at $0.7129 U.S. after touching an earlier high of $0.7166.
CHINA
In China, the CSI 300 fell 9.02 points, or 0.3%, to 3,669.37
China's factory activity declined for the third consecutive month in February. The official Purchasing Manager's Index slipped to 49.2 in February, data showed on Thursday — its weakest since February 2016. The 50-point index mark separates expansion from contraction on a monthly basis.
In other markets
Markets in Taiwan were shuttered for holiday
In Korea, the Kospi index let go of 39.35 points, or 1.8%, to 2,195.44
In Singapore, the Straits Times Index slumped 39.35 points, or 1.8%, to 3,212.69
In New Zealand, the NZX 50 regained 43.56 points, or 0.5%, to 9,325.03
In Australia, the ASX 200 gained 18.72 points, or 0.3%, to 6,168.99
