US stocks also fell after the Federal Reserve (Fed) signaled to raise interest rates further and keep them high for longer at the September FOMC meeting.
All three major US stock indexes fell following the announcement, with the Dow Jones Industrial down 0.22% to 34,440.88, while the S&P 500 fell 0.94% to 4,402.2 and the Nasdaq plunged 1.53% to 13,469.13.
While the US30 index also decreased at around the level of 34,397 during the Asian session.
Declines in the Nasdaq were led by megacap stocks, which saw Microsoft slip 2.4%, Apple down 2% and Nvidia lose 2.9%.
The Fed's announcement was accompanied by a 'dot plot' projection which expects there to be another interest rate hike this year to 5.50%-5.75%.
The projection also shows that interest rates will remain high in 2024 with only two rate cuts expected to be implemented compared to the previously expected four.
In response to that expectation, the 10-year US treasury yield jumped to a 16-year high of 4.44%, weighing on stock markets across the board.
Tracking the gloomy Wall Street market, Asian stock markets were also gloomy with the Nikkei and the Hang Seng index in negative territory.
