Asian markets dropped Monday, with Japanese stocks dragged down by financials such as Mizuho Financial Group on worries about global credit markets, while exporters such as Honda Motor Co. fell in the wake of a drop on Wall Street and a stronger yen.
The benchmark Nikkei 225 index fell 2.3 percent to 12,525.54 on the last day of a dreary fiscal year. The index has lost 28 percent since the end of March 2007, pushed down by global risk aversion and a lackluster Japanese economy.
In Hong Kong, the Hang Seng fell 1.9 percent to 22,849.2, while the Shanghai Composite Index fell 3 percent to 3,470.4.
Industrial output in Japan fell 1.2 percent on month in February, the Ministry of Economy, Trade and Industry reported early in the day. That was less of a decline than expected, but the second straight month production has dropped.
Steel shares were the big losers in Japan as they were hit by a Nikkei report saying that Tokyo Steel Manufacturing's parent is expected to post a 58 percent drop in operating profit this fiscal year due to rising costs.
Tokyo Steel Manufacturing fell 6.8 percent. JFE Steel dropped 5.4 percent. Nippon Steel shed 4.4 percent.
China's Shanghai Composite ended the day 3% lower at 3,472.71, after rising nearly 5% in the previous session, on speculation regulators might announce the introduction of index futures trading.
Elsewhere:
The S&P/ASX 200 index ended 0.1% higher at 5,355.70.
South Korea's Kospi finished 0.1% up at 1,703.99
New Zealand's NZX 50 rose 0.7% to 3,470.43.
Taiwan's Weighted index lost 0.6% to 8,572.59.
Singapore's Straits Times Index fell 1% to 3,001.39 in late afternoon trading.
with files from other wire services
