Stock markets across Asia were down heavily as European debt woes made investors cautious and this was reflected in the performance of shares. Reports also came which suggested that many European banks may be under a lot of pressure.

Japanese Nikkei was down by 3% to close at its lowest levels in the last 6 months. Euro also fell due to these concerns and experts feel that volatility is also making investors to be more cautious. Nikkei has lost more than 16% after hitting an 18 month high during early April.

Shares of Canon declined 2.7% to 3,610 yen. Kyocera was also down 3.2% to 7,800 yen.

Stock market in Seoul was also down by 2.8%. KOSPI index closed at its lowest level since 8th February. A major factor was increasing tensions with North Korea apart from profit booking by foreign investors.

Hyundai Motors was down 2.1% to 135,500 won while Kia Motors also went down 3.7% to 28,000 won.

Australian markets were also down by 2.9%. ASX was down 130 points to finish at 4,265.3 points. Australian markets are down 14% after reaching peak levels in April. Other factors which impacted the market include European concerns, fall in Australian dollar and proposed mining tax.

Chinese markets were also down by 1.9%. Chinese market is under pressure and is already down 19% this year.