Japan's Nikkei stock index continues to suffer, losing almost 7% of its value.
Asian share prices tumbled for a third day as investors feared a global recession would badly hit company earnings.
News that electronics giant Sony had halved its full-year profit forecast spread gloom over the market.
Japan's Nikkei closed at a five-and-a-half year low, down 9.6% after the electronics giant Sony halved its full-year profit forecasts.
Meanwhile, South Korea says growth in its economy, which has been battered by the current financial crisis, is at a four-year low.
South Korea's market fell 10% as chip maker Samsung announced a 44% fall in its third-quarter profits.
Its Kospi benchmark share index fell 9%, after losing 7.5% on Thursday, and its currency, the won, has lost a third of its value this year.
Economic growth in South Korea has now dropped to a four-year low.
The Kospi has now sunk below 1,000 points for the first since in more than three years, having lost almost half its value so far this year.
Seoul's Kospi benchmark share index was set for its biggest weekly fall ever, shortly before closing.
Samsung, the South Korean electronics firm, has said that its third-quarter profits were down 44%, despite a rise in sales.
The index has now sunk below 1,000 points for the first since in more than three years, having lost almost half its value so far this year.
In afternoon trading in Tokyo, the Nikkei dropped below the 8,000-mark for the first time in more than five years.
South Korea's currency, the won, has lost a third of its value this year.
In Tokyo, the Nikkei dropped below the 8,000-mark for the first time in more than five years.
A strong yen is causing concerns about Japanese export earnings, as the US dollar fell below 96 yen, its lowest level for 13 years.
A strong yen is causing concerns about Japanese export earnings, as the US dollar fell below 96 yen, its lowest level for 13 years.
Hong Kong, Australia and Singapore all saw losses in early trading on Friday.
Shares across Asia all fell - Hong Kong was down 4.6%, Singapore fell 4.8%, Sydney dropped 2.7% and Mumbai 4%.
Oil price question
Oil price question
Former US Federal Reserve boss Alan Greenspan has warned the world is continuing to face a "once-in-a-century credit tsunami" which will have a severe impact on his country's economy.
Former US Federal Reserve boss Alan Greenspan has warned the world is continuing to face a "once-in-a-century credit tsunami" which will have a severe impact on his country's economy.
Thursday was another volatile trading day on Wall Street after a slew of weak corporate earnings stoked fears of a United States recession.
Thursday was another volatile trading day on Wall Street after a slew of weak corporate earnings stoked fears of a United States recession.
The main Dow Jones index fell as low as 8,251 points before closing the day up 172 points or 2% at 8,691.
The main Dow Jones index fell as low as 8,251 points before closing the day up 172 points or 2% at 8,691.
The technology-heavy Nasdaq in contrast lost 0.73% to close at 1,603.9 points.
The technology-heavy Nasdaq in contrast lost 0.73% to close at 1,603.9 points.
Earlier London's FTSE 100 index closed 1.16% higher at 4087.8, while in Germany the Dax index ended up 1.12% and France's Cac 40 index was 0.38% higher.
It was the Dow's first rise in three days, and analysts suggested that it was due to higher oil prices, which boosted energy-related shares.
It was the Dow's first rise in three days, and analysts suggested that it was due to higher oil prices, which boosted energy-related shares.
US light crude added $1.63 to reach $68.38 a barrel, after falling as low as $66.73 a barrel - its lowest point since June 2007.
US light crude added $1.63 to reach $68.38 a barrel, after falling as low as $66.73 a barrel - its lowest point since June 2007.
The rise in oil prices followed comments by Chakib Khelil, the president of oil cartel Opec, who said member states had agreed in principle on cutting back oil production. However, the amount of cutbacks has yet to be agreed and will discussed at a meeting in Vienna later on Friday.
The rise in oil prices followed comments by Chakib Khelil, the president of oil cartel Opec, who said member states had agreed in principle on cutting back oil production. However, the amount of cutbacks has yet to be agreed and will discussed at a meeting in Vienna later on Friday.
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