In a sign global funding strains may spread to Asia, benchmark three-month euro-yen interest rates futures fell to an eight-month low on Friday on concerns that tightness in dollar money markets may prompt non-Japanese banks to raise yen at a higher rate.
The FTSE CNBC Asia 100 Index [.FTFCNBCA 5721.40
-116.17 (-1.99%)], which measures markets across Asia, declined 2 percent.Japan's Nikkei share average dropped below 8,400 to its lowest level in more than a month, as global markets grew increasingly spooked by surging bond yields in euro zone nations.
Shares of Olympus snapped a four-day winning streak, tumbling 5.5 percent after the New York Times reported that Japanese officials are investigating an apparent $4.9 billion hole in the company's accounts as well as possible ties to organized crime.
Banking shares slipped in the broad market sell off, with Mizuho Financial shares falling 2.0 percent to trade below 100 yen for the first time since 2003.
The Nikkei [.N225 8383.31 
Seoul shares slid after falls on Wall Street as rising Europe debt contagion fears rattled investors, prompting them to seek safer assets.
Falls were led by key large cap technology and banking issues, with Samsung Electronics down 1.5 percent and KB Financial down 2.2 percent.
The Korea Composite Stock Price Index (KOSPI) [.KS11 1839.48
POSCO shares dropped 2 percent after the world's No.3 steelmaker signed an MOU to supply magnesium and advanced materials to Toyota Tsusho, according to a local media report.
Daewoo Shipbuilding Daewoo Shipbuilding fell 1.9 percent on news South Korea plans to pick advisers next month for the sale of the 19.1 percent stake in Daewoo Shipbuilding held by
state-run Korea Asset Management Corp (KAMCO), a source familiar with the situation said, part of efforts to recoup public funds injected after the Asian financial crisis.
Australian shares fell 1.5 percent, hurt by weak commodity prices and as worries about European debt contagion rattled investors, pushing some to cut back on riskier assets.
Miners led losses with BHP Billiton and Rio Tinto both falling over 1.5 percent. Separately, Rio Tinto raised its friendly takeover offer for Hathor Exploration to about C$654 million ($634 million) to leapfrog a revised hostile bid from Canada's largest uranium producer, Cameco Corp.
Telstra, Australia's largest telecoms provider, fared marginally better, dropping 0.9 percent. It told investors it was on track to meet guidance of low single-digit growth in total revenue and earnings.
Banks fell as concerns over funding costs come to the fore. The top four banks borrow about $100 billion annually largely from Europe and America to bridge the gap between total loans and deposits. No.4 lender ANZ led losses dropping 2.2 percent.
The benchmark S&P/ASX 200 index [.AXJO 4189.40
New Zealand's benchmark NZX 50 index slipped 0.6 percent to 3,259.63.
In Southeast Asia, Singapore's Straits Times Index [.FTSTI 2748.57
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