SYDNEY, Australia - A major break-down occurred on Asian stock markets on Monday, in a shock start to the week.
Japan's Nikkei 225 led the way with a massive 650.23 points or 3.01% loss. The key index closed Monday at 20,977.11.
The Australian All Ords dived 72.20 points or 1.15% to 6,208.70.
In Hong Kong, the Hang Seng finished down 590.09 points or 2.03% at 28,523.35.
The Shanghai Composite, was trading 61.12 points or 1.97% lower at the finish, at 3,043.30.
Despite the dovish announcement by the Federal Reserve last week that U.S. interest rates are on hold, the dollar continued to be in demand on Monday.
Around the Sydney close the euro was battling to stay above 1.1300, having last traded at 1.1303.
The British pound remained directionless at 1.3173.
The Japanese yen was surprisingly strong, given the weakness in the Tokyo stock market. The yen was changing hands at 109.95 in late trading in Sydney on Monday.
The Swiss franc was a touch weaker at 0.9947, while the Canadian dollar edged down to 1.3426.
The Australian and New Zealand dollars were littrle chnaged compared to Friday's close, last quoted at 0.7080 and 0.6883 respectively.