Stocks tumbled across Asia Wednesday as investors reacted to a sharp drop on Wall Street and regional difficulties ranging from gloom about Hong Kong's economy to labor troubles in South Korea and the yen's weakness.

"No matter where you look this morning, there's bad news," said Kent Rossiter, senior investment adviser at Nikko Securities in Hong Kong.Share prices in Hong Kong plummeted 5.3 percent on fears of an economic contraction, a price war among major property developers and overnight losses on Wall Street.

Hong Kong's key Hang Seng index finished the day at 8,983.43, a one-day loss of 498.78 points.

In Tokyo, the Nikkei index closed off 220.53 points, or 1.4 percent lower at 15,664.29, dragged down by the U.S. dollar's seven-year high against the yen in New York overnight.