Source: CNBC

Asian shares tumbled on Monday, pushing the broader Tokyo market to a 28-year low, as investors extended a rout of global stocks and worried about a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China.

Investors hedged against global financial and economic crisis, heading for havens such as the benchmark 10-year Japanese government bond whose yield fell below 0.80 percent to its lowest since July 2003. Ten-year JGB futures prices jumped to a 19-month high.

The FTSE CNBC Asia 100 Index [.FTFCNBCA  5535.11    -123.12  (-2.18%)], which measures markets across Asia, shed 2.1 percent.

Japan’s shares fell sharply in early trade, with the Topix index falling to a near three decades low, as disappointing U.S. jobs data added to concerns over a slowing Chinese economy and a deepening euro zone debt crisis.

The broader Topix index lost 2.1 percent to 694.42, a level not seen since late 1983. Last week, it fell for the ninth straight week, marking its longest such run since 1975.

The Nikkei [.N225  8280.90    -159.35  (-1.89%)] dropped 2 percent to 8,271.07 to a six-month low. The Nikkei has fallen 19.3 percent since hitting a one-year high on March 27 on concerns over a deepening euro zone debt crisis and slowing global growth. If the benchmark were to drop to around 8,200, it would technically enter bear market territory.

Sony, the maker of Walkman and Playstation, eased 1.3 percent to 1,000 yen — a fresh 32-year low.

South Korea’s KOSPI share average sank to a two-and-a-half week low on Monday morning, tracking a heavy Wall Street sell-off by risk-averse investors on Friday after worse-than-expected U.S. jobs data aggravated worries of a global economic slowdown.

The Korea Composite Stock Price Index (KOSPI) [.KS11  1785.75    -48.76  (-2.66%)  ] was down 2.8 percent at 1,784.00 points, hovering just above the annual low of 1,779.47 points.

Growth-sensitive, cyclical stocks such as builders and shipyards underperformed on global economic woes. Samsung Engineering plunged 7 percent, while Hyundai Heavy Industries fell 3.7 percent.

Crude oil refiners tumbled after oil prices dipped below $100 to a 16-month low, with SK Innovation down 7 percent while GS Holdings fell 3.9 percent.

The KOSPI 200 benchmark of core stocks was down 2.6 percent, with 185 listings out of the 200 components trading in the red. Index heavyweights LG Chem slid 4.8 percent and SK Hynix fell 4.2 percent.

Australian shares fell a hefty 1.7 percent over concerns about a global economic slowdown after U.S. jobs growth in May slumped to its lowest in a year, a big disappointment on top of weak Chinese factory data.

The day’s losses took the market’s slump since May 1 to 10.3 percent, meeting the usual definition of a market correction.

Heavy losses were posted across the board, with global miner Rio Tinto down 3.1 percent, steelmaker BlueScope down 4.7 percent and hitting a record low, and several major retailers losing three percent.

The benchmark S&P/ASX 200 index [.AXJO  3989.00    -74.90  (-1.84%)] slumped 70.9 points to 3,993, losing grip on the psychological 4,000 level and its lowest mark since Nov. 25. The benchmark slipped 0.3 percent on Friday but managed to log its first weekly gain in four weeks. For the year, the index is down 1.4 percent.

Losses were heavy in the discretionary retail sector, with many retailers down more than 3 percent. Electronics chain JB Hi-Fi fell 4.1 percent and camping gear store Kathmandu fell 5.5 percent.

Shares in Brambles, the world’s leading pallet supplier, were halted ahead of an equity raising after the firm said it had decided not to sell its $2 billion Recall information management business because of low offers.

Hong Kong and China shares slumped as weak U.S. data, the euro zone’s deepening debt crisis and few signs that China will take aggressive steps to tackle a slowing economy combine to keep investors in a firm “risk-off” mode.

The Hang Seng Index [.HSI  18132.32    -426.02  (-2.3%)   ] dropped 1.9 percent at 18,206.7. The China Enterprises Index [.HSCE  9364.00    -256.87  (-2.67%)   ]lost 2.4 percent. In the mainland, the Shanghai Composite [.SSEC  2330.80   -42.64  (-1.8%)   ] fell 1.4 percent to 2,339.5 points.

Taiwan stocks fell 2.8 percent in opening deals, caught up in a regional sell-off amid fears of a global economic downturn and on investor concerns about a capital gains tax plan is set to be reviewed by the island’s legislature.

The main TAIEX opened 198.96 points lower at 6,907.13, extending a 2.7 percent drop on Friday.

Among the worst hit were smartphone maker HTC and Apple [AAPL  560.99   -16.74  (-2.9%)   ] supplier Hon Hai Precision, which lost 4.1 percent and 2.1 percent respectively.

In Southeast Asia, Singapore’s Straits Times Index [.FTSTI  2706.99    -38.72 (-1.41%)] and Malaysia’s KLCI [.KLSE  1558.95    -14.64  (-0.93%)] both lost ground, down 1.4 and 0.8 percent respectively.

The New Zealand market is closed on Monday for the Queen’s birthday holiday.