Concerns are increasing over the scale of the slowdown
Asian markets have plummeted after the Dow Jones share index in New York fell to its lowest level in five years, amid fears of a protracted global recession.
Japan's Nikkei index ended 6.8% down and Hong Kong's main index shed 4%.
Data showing Japan's exports to Asia dropped in October for the first time since 2002 added to fears over the scale of the economic downturn.
On Wednesday, Wall Street shares fell 5% after the US central bank slashed its economic growth forecasts for 2009.
Elsewhere in Asia, South Korea's main share index fell 6.7%, while on the currency markets the won fell to its lowest level in more than a decade.
Thailand's main share index shed 3.6%, Singapore's benchmark index declined 3.1% while Malaysia's index closed 1.4% lower.
Japan and other Asian nations are heavily reliant on exports.
Sales to other Asia nations have helped to limit the impact for Japanese exporting firms suffering from lower demand from the US and Europe.
But exports to Asia fell 4% last month from a year earlier, showing the extent of the global slowdown.
The BBC's Duncan Bartlett in Tokyo says several East Asian countries - including Japan, Singapore and Hong Kong - are already in recession and the thought that the US may be about to join them has been enough to send shares tumbling across the region.
Share prices in Tokyo and elsewhere slumped
Bad news from the US worries Japanese firms like Toyota and Nintendo which usually depend on American consumers to make a lot of their profit, our correspondent adds.
"We've gone past the poor sentiment stage," Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong, told the Associated Press news agency.
"People are looking for any kind of positive and there are just no positives out there. Everyone seems to be united in the depressed global outlook. Whether it's commodities or equities, everything seems to be on a downturn."
On Wednesday, the US Federal Reserve said the country's gross domestic product - the value of all goods and services - could be flat or grow only marginally this year, and might shrink in 2009.
It said positive economic growth was only likely to return in 2010 and predicted further interest rate cuts might be necessary.
Month-on-month US consumer prices fell by 1% in October - the biggest drop in 60 years - which has reinforced fears of rapid slowdown.
Carmakers were among the biggest fallers as the Dow Jones average closed down 427 points at 7,997 on Wednesday - dropping below the 8,000-level for the first time since 2003.
GM shares were down 15% at a 66-year low, while rival Ford slumped to a 26-year low.
Prospects for an industry bail-out remain uncertain and politicians have been arguing over a compromise deal.
Chief executives from General Motors, Ford and Chrysler say the firms could collapse unless they receive aid fast - which could lead to millions of job losses across the US.
But the automakers have faced fierce questions on Capitol Hill about their request for a $25bn (£16.6bn) bail-out deal.
Investors are concerned about how a possible bankruptcy among US carmakers could further hurt an already fragile economy.