On Thursday, the Asian stock markets closed far low than expected. It has been reported that Japan's Nikkei Stock Average fell 1.3% to 8,943.76, which is its lowest since March 15.

Following the tension created by the global financial crunch many Asian markets tumbled down.

South Korea's Kospi snapped out of a two-day winning streak to close down 1.7%, Australia's S&P/ASX 200 index lost 1.2% and Taiwan's Taiex dropped 1.6%. Hong Kong's Hang Seng Index shed 1.3%, while China's Shanghai Composite declined significantly.

Commenting upon the weakening Asian market, Peter Esho, Chief Market Analyst at City Index said, “There isn't a systemic regional issue. There are headwinds of yen appreciation and Japanese exporters are softening... we're seeing markets self-correct across all different segments”.

However, it is not just the Asian market which witnessed plunge; the American economy also saw a fall as its technology stocks got punished on Dell Inc.'s lowered outlook.

It has emerged that as the US dollar remained below the 77-yen mark the stock losses in Tokyo were spread across most exporters. At Tokyo market, Mazda Motor tumbled 5.7%, Nissan Motor dropped 3.7% and Hitachi slid 2.4%.

It is believed that if nothing is down to control the financial crunch of the US and Europe then their impact over Asian market can be dire then today’s fall.