NEW YORK, Jan. 21 (UPI) -- Asian markets turned lower Monday on recession worries, despite hopes U.S. lawmakers would take action to stimulate the economy.
Also weighing on the markets were reports suggesting banks in China would need to increase charges on subprime investments.
Japan's Nikkei average dropped 225 points, or 3.86 percent, closing at 13,325.94 on Monday.
Patrick Bennet, Asian currency adviser at Societe Generale, said market concerns were mitigated by U.S. President George W. Bush's economic stimulus proposal and by indications the Federal Reserve would lower interest rates.
"We take some confidence from the fact that both the Fed and now the administration at the very least are stepping up to the plate," he told the Wall Street Journal .
Hong Kong's Heng Seng index lost 1,383.01 or 5.49 percent to close at 23,818.86.
It was an off-day in India where the Sensex Index dropped 7.4 percent to 17,605.35.
