Asia: Japan and Hong Kong lower
The Nikkei fell sharply on Thursday as financial stocks such as Mitsubishi UFJ Financial weighed on the market as concern lingers about the credit crunch.
Financials fell after US regulators announced tighter disclosure requirements for investment banks, fuelling concern that more credit crunch losses will be revealed.
The blue chip Nikkei 225 closed down 159 points at 13,943 in Tokyo.
Comments from a Federal Reserve Bank official that rates must be increased to fight inflation also sent ripples through the financial sector. Declines on Wall Street overnight also hampered sentiment.
Record oil prices boosted shares such as Inpex but strong oil prices dented shares in Tokyo Electric Power, Japan's biggest utility.
Big name exporters such as Samsung Electronic and Honda Motor fell after a report showed US home sales fell while consumer debt increased.
In earnings news Toyota Motor said fourth-quarter profit more than analysts had forecast as it predicted a 27% decline in earnings this year amid dwindling US sales and a stronger yen.
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Meanwhile chipmaker Toshiba said operating profit is expected to more than double in the next three years as demand for semiconductors and nuclear equipment rises.
Mobile phone giant Softbank said fourth quarter profit more than doubled after it paid less tax than the year before.
The Hang Seng also fell on Thursday, tracking a decline on Wall Street overnight, and as investors offloaded airline stocks and oil refiners like PetroChina and Sinopec.
Hong Kong's Hang Seng index fell 160 points to 25,449.
Sentiment was also fragile following the Hang Seng's 2.5% decline on Wednesday.
Shares in China Life Insurance fell after it agreed to inject 1.85bn yuan into its pension unit, it said in a statement.
China Mobile fell after it said it had not put in a bid for South African operator MTN.
