Japanese stocks led losses regionally, with the Nikkei 225 falling 4%. The Topix index shed 2.86%.
Losses were seen in most sectors in Japan, with shares of automakers such as Nissan and Honda falling more than 4% each. Shares of Fanuc slumped nearly 6%. Among financials, Mitsubishi UFJ Financial Group shares fell 2.85% and Mizuho Financial Group declined 2.12%.
Markets in Asia-Pacific slip
Currencies and oil
The Japanese yen traded at 109.71 per dollar, stronger than levels above 110.5 against the greenback seen last week. The Australian dollar changed hands at $0.7489, still struggling to recover after its fall last week from above $0.768.
Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.49% to $73.87 per barrel. U.S. crude futures advanced 0.6% to $72.07 per barrel.
— CNBC’s Patti Domm contributed to this report.