Asian stocks came under relentless selling pressure for the second straight session on Tuesday, a day after fears the U.S. economy could slip into a recession triggered a sell-off that spread to Europe and Latin America.
Japan's Nikkei Stock Average shed 5.7% to 12,573.05 after losing 3.9 percent the previous day. Hong Kong's Hang Seng Index slumped 8.7% to end at 21,757.63, as the sell-off deepened from the previous session, when it tumbled 5.5%.
Financials came under selling pressure, with shares of Mizuho Financial Group sinking 8.2% in Tokyo.
Japanese exporters also ranked among losers. Shares of Toyota Motor Corp. dropped 7.2% and Sony Corp. fell 6.9% on concerns over the yen's rally recently.
Elsewhere:
China's Shanghai Composite, which fell more than 5% in the previous session, sank 7.2% to 4,559.75, its lowest close since August.
Taiwan's Weighted index tumbled 6.5% to 7,581.96, a 10-month low.
Singapore's Straits Times index, which lost 6% in the previous session, dropped 4.9% to 2,773.36.
South Korea's Kospi shed 4.4% at 1,609.02.
New Zealand's NZX 50 index took its losses into the 14th session, dropping 1.1% at 3,607.13.
Australia's S&P/ASX 200 extended its loss-making run into the 12th straight session, ending down 7.1% at 5,186.80 and setting a 52-week closing low.
with files from other wire services
