Asian stocks fell across the region on Monday in response to figures showing the US lost the largest number of jobs in five years, unsettled by the growing possibility of a recession in the US and resulting decline in demand for Asian exports.

Japanese shares set a 2½-year low, also undermined by a yen hovering near its strongest point in eight years. The Japanese currency was trading at Y101.98 against the dollar by late afternoon in Tokyo, compared with the Y101.43 level hit on Friday in New York, which was the strongest since December 1999.