Asian stock markets have tumbled with the falls partly blamed on worries over Europe's financial problems.
Tokyo's Nikkei average fell 3%, the biggest one day fall since last August. The main indexes in Hong Kong and Taiwan were also down almost 3%.
Asian markets were also hit by losses in New York, where the Dow Jones closed more than 1% lower, the 11th loss in 12 days.
Investors were discouraged by two weak reports on the US economy.
"There is no resolution to the [European] problem yet, and we also we had very disappointing US. data, so overall, it's negative and further denting market sentiment," said Frances Cheung, a senior strategist, at Credit Agricole CIB in Hong Kong.
Banking shares were hurt after the chief executive of ANZ said volatile market conditions meant that Australian banks were not lending to each other.
The wholesale lending markets are an important source of funds for banks.
"Right now, markets are closed again, and this is what happens in this sort of situation," said ANZ chief executive Mike Smith.
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