Investing.com - Asian stocks fell early Friday with Tokyo shares down in reaction to steep overnight selloffs in European and U.S. equity markets.
The benchmark Nikkei 225 was down 1.2%, but already well off its low just after the open. A day earlier the index broke into positive territory for the first time in 2014.
Other Asian bourses open for trading were also lower, with South Korea's KOSPI down 0.4%, and Australia's S&P/ASX 200 down 1.2%.
Among major market movers, Honda Motor Company Ltd (TOKYO:7267) and TDK Corp. (TOKYO:6762) fell 2.0% and 3.3%, respectively.
Closely watched consumer-price index data released before the open showed a slightly larger than expected fall in Japan's underlying inflation rate to 1.1%, though traders discounted the data's impact on stock trading.
The Bank of Japan's policy goal is to raise the rate to 2% sustained inflation by sometime next year.
Overnight, U.S. stocks took a nose dive on news Russia may consider a proposal to allow its courts to seize foreign assets, while Apple shares dropped on reports its new iPhone released recently may carry glitches.
The Dow 30 fell 1.54%, the S&P 500 index fell 1.62%, while the NASDAQ Composite index fell 1.94%.
A draft law, a response to Western sanctions slapped on the country for its alleged meddling in the Ukraine conflict, was sent to the Russian parliament Wednesday.
Elsewhere, concerns that a stronger dollar and a still flagging European economy sent larger-cap stocks falling due to fears exporting out of the U.S. to Europe may become more difficult.
Earlier Thursday, Dallas Federal Reserve President Richard Fisher said the U.S. central bank may start raising benchmark interest rates around the spring of 2015, earlier than many market expectations.
While the Fed has suggested its bond-buying program could close in October, uncertainty remains as to when rate hikes may begin in 2015.