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Asian markets fell for a third straight day and the euro sat near 11-month lows Thursday on growing doubts over last week's European debt deal as Germany warned the crisis would last for years.
Data in Japan highlighted the impact of the European crisis on the country's economy as the closely watched Tankan survey showed most manufacturers were pessimistic about the future.
Tokyo shed 1.66 percent, or 141.76 points, to close at 8,377.37 and Sydney fell 1.21 percent, or 50.7 points, to 4,139.8 while Seoul shed 2.08 percent, or 38.64 points, to end at 1,819.11.
Hong Kong fell 1.78 percent, or 327.59 points, to 18,026.84 and Shanghai lost 2.14 percent, or 47.63 points, to 2,180.90.
German Chancellor Angela Merkel added to the already weak sentiment when she told parliament: "Getting over the state debt crisis is... a process. This process won't last weeks, it won't last months, it will last years."
Although she said the region would overcome its problems, investors remained risk-averse.
On Wednesday Rome's five year bonds hit a euro-era record and in early trade Thursday the yield on 10-year bonds rose above the seven percent level considered unsustainable for nations to service their debts.
"The jitters are turning stronger again," said Mirae Asset Securities analyst Lee Jin-Woo in Seoul.
"Judging from the rising yield for Italy's government bonds, the markets haven't found confidence even after the European summit," Lee told Dow Jones Newswires.
European Union leaders from 26 of the 27 member states agreed at a high-stakes Brussels summit last week to back a Franco-German drive for tighter budget policing in a bid to save the eurozone.
After Britain, which does not use the euro, blocked changes to an EU-wide treaty, the other 26 EU states signalled their willingness to join a "new fiscal compact" imposing tougher budget rules.
However, the summit's plans for a $200 billion boost to the International Monetary Fund were thrown into doubt when Germany said it would not provide any extra cash if other non-euro member nations, including Britain and the United States, did not contribute.
Meanwhile Standard & Poor's is expected to decide soon whether or not to downgrade 15 of the 17 eurozone members after putting them on warning last week.
And rival agency Moody's has said the crisis talks failed to produce "decisive policy measures", saying it would review the credit ratings of all EU states within the next three months.
The euro remained under pressure after falling below the $1.30 level in New York overnight.
The common currency fetched $1.2967 in early European trade, compared with $1.2981 late Wednesday in New York.
The unit is sitting at its lowest levels since January. It bought 101.10 yen from 101.26 yen. AFP
