Japan's benchmark Nikkei 225 stock index has closed 4.73 per cent lower following another day of heavy losses on Wall Street.
The Nikkei lost 1,071.84 points to close at 21,610.24 after falling by as much as 7.1 per cent on Tuesday afternoon in the worst day for the index since 2016.
The Nikkei ended the morning session, down 5.26 per cent, with export-linked issued dragged down by the yen's sharp rise against major currencies.
Japanese Finance Minister Taro Aso said he didn't want to comment on share prices.
Toshimitsu Motegi, an economy minister, said he was watching market movements closely but that the economy was stable and improving.
Markets in China and Hong Kong also declined shortly after opening, picking up on the negative momentum from the US.
Hong Kong's Hang Seng Index dropped 4.32 per cent and Shanghai's Composite Index fell 3.2 per cent by the afternoon.
"It is a long awaited correction triggered by investors' interest rate hike fear," said Hong Kong analyst Ben Kwong. "Profit taking on heavily overbought shares may keep the correction for a while until valuation turns to relatively attractive levels."
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