Most Asian markets tumbled Friday in the wake of one of Wall Street's biggest drops of the year, although European markets rebounded modestly from sharp losses the previous day.
Japanese stocks fell to nearly three-month lows, Philippine stocks marked their steepest decline in 10 years, and South Korea's benchmark index - which had hit a record Wednesday - sank 4.1 percent, its biggest slide in more than three years. Chinese stocks, however, ended the day flat.
Investors in Asia were rattled after U.S. and European markets plunged Thursday amid worries over the U.S. mortgage and corporate lending markets. Those woes could cause global liquidity to dry up as international investors pull out of riskier assets, including Asian emerging markets, analysts said.
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