Japan's Nikkei slumped nearly 500 points on Monday to its lowest close in 26 years as the yen advanced on the dollar, battering exporters such as Toyota amid a slide in Asian shares.
The benchmark Nikkei 6.4per cent to 7,163, its lowest close since October 1982.
The yen rose against the dollar and was approaching a 13-year high as the risk of a global recession and an extended slump in the world's stock markets prompted investors to slash carry trades.
The Bank of Korea slashed interest rates by the most ever in an attempt to restore confidence after stocks lost a fifth of their value and the won fell to a decade low last week.
Elsewhere in Asia, stocks continue to trade deep in red.
Meanwhile world oil prices weakened in Asian trade today with OPEC's decision to cut supply at a time of global financial turmoil seen as hurting already weak energy demand further, dealers said.
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