Asian stock markets have retreated for a second day, led by a 2.4 percent decline in Japan's benchmark in mid-afternoon trading, as downbeat company forecasts and slugging U.S. economic data stoked pessimism
about the global economy, the Associated Press reported.
The Nikkei 225 stock average dropped 7 percent in morning trading before regaining some losses to be down 2.4 percent in mid-afternoon trading. Sharply lower profit forecast from leading automaker Toyota Motor Corp. continued to weigh on the market.
Hong Kong's key index was also lower in morning trade.
In South Korea, the Kospi also slid despite a decision by the country's central bank to slash interest rates by a quarter of a point - the third cut in less than a month.