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Asian markets fell sharply Thursday after Mitsubishi UFJ Financial Group (NYSE:MTU) saw its share price tumble almost 8%, its biggest drop in over three years, re-igniting fears of U.S. subprime mortgage and its overseas fallout after Bank of America (NYSE:BAC) and Wachovia (NASDAQ:WB) warned of substantial Q4 writedowns (full story). "Bank shares were sold on the news about Bank of America," Shinkin's Tomomi Yamashita said.

The Nikkei fell 2.48%. Mizuho (NYSE:MFG) fell 5.3%, Yahoo Japan (NASDAQ:YHOO) dropped 4.9%, Nomura (NYSE:NMR) was off 4.3%. Sony (NYSE:SNE) was one of the few gainers, up 1%.

The Hang Seng fell 2.72%. Losers included China Petroleum (NYSE:SNP), down 5.5%, China Mobile (CHL -3.9%), China Life (LFC -3.8%) and HSBC (HBC -1%).

Shanghai's composite index fell 2.7%.

Sources: Reuters

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Source: Asian Markets Drop Sharply Thursday