Collapse shakes Japanese stocks

HONG KONG, China -- Asian markets ended lower on Tuesday, battered by credit jitters, static corporate results and a weak overnight Wall Street performance.

In Tokyo, the Topix index ended at a 39-month low, dropping 1.96 percent to 980.32. It measures all the stocks on Tokyo's first section and is seen as broader than the Nikkei index.

The Nikkei tumbled 2.24 percent to 10,208.05, as tech issues tracked their U.S. counterparts.

Japanese investors were skittish on renewed credit concerns, after the failure of yet another public company.

Homebuilder Shokusan Jutaku Sogo Co. became the first public company to go under in Japan this year, when it filed for court protection from $102 million in debts on Sunday.

Yen at strongest in a week

The yen hit its strongest level in more than a week against the dollar on Tuesday, at 131.05, and was trading just off that at 131.18 in European trade.

On the stock market, techs were the main target of selling after Nasdaq's 1.57 percent decline on Monday.

Kyocera Corp, a maker of mobile phones, office equipment and digital cameras, lost 5.54 percent to 7,850 yen.

In Seoul, shares lost more than three percent, with top memory chipmaker Samsung Electronics yielding to heavy selling ahead of the release of its fourth-quarter results.

The Kospi fell 3.41 percent to 718.64, while the over-the-counter Kosdaq declined 2.56 percent to 73.19.

Samsung dropped 5.45 percent to 312,000 won. It unveils earnings on Wednesday.

Slow recovery

In Hong Kong, shares ended sharply lower on concerns of a slow U.S. economic recovery, and weak corporate earnings.

The Hang Seng index ended 1.75 percent lower at 11,013.59.

CITIC Pacific, with business ranging from airlines to infrastructure, plunged 9.44 percent to HK$15.35, after it said it would sell its 80 percent stake in a Chinese fiber-optic telecom network to its parent.

In Taiwan, shares ended slightly lower after late session buying in chip issues offset downward pressure from the U.S. overnight decline.

The benchmark Taiex ended down 0.34 percent at 5,592.74.

Finished flat

In other markets, Australia erased earlier losses to finish essentially flat on Tuesday as investors showed an appetite for corporate deals.

The benchmark S&P/ASX200 index lost a measly 0.03 percent at 3,406.2.

Shares in property developer Westfield Holdings finished up eight percent at A$18.16, lifted by the news of its latest, billion-dollar investment in the United States.

Westfield said Monday it had sealed a $5.3 billion joint acquisition of U.S. shopping center operator Rodamco North America NV.

In New Zealand, shares nudged into positive territory after leading stocks eked out small gains, offsetting a fall in Telecom New Zealand.

The benchmark NZSE-40 index ended up 0.20 percent at 2,095.

In Singapore, the main share index extended early losses as blue chips and banks reversed recent gains.

The benchmark Straits Times Index was down 2.13 percent at 1,694.57 in the last hour of trading.

In India, shares slipped in the afternoon, falling in line with regional markets, as investors sold techs and booked profits in autos.

The main Bombay Stock Exchange index was down 1.41 percent at 3,359.88.