Asian markets decline in early trades

Asian markets are trading lower followed by weak cues from US.

The Nikkei Stock Average is down 1% at 8,905 hitting 16 month lows as exporters weigh on strengthening Yen on jitters of economic recovery faltering followed by dismal US housing data.

Shanghai Composite has fallen 1% to 2,620, Taiwan Weighted has slipped 2.13% to 7,774, Hang Seng has declined 0.4% to 20,593 as investors sell riskly assets.