Asia markets hammered as coronavirus panic deepens; Nikkei falls 10%

Asia's stock markets were hammered on Friday as panic gripping world financial markets deepened and even safe-haven assets such as gold and bonds were ditched to cover losses in the wipeout.

Australia's benchmark fell as much as 7 per cent and is on track for its worst week on record. New Zealand's index was last down more than 8 per cent, its biggest ever intraday drop.

Japan's Nikkei fell 10 per cent, while in Korea the Kosdaq fell 8 per cent, triggering a 20-minute trading halt.

Currency trading was erratic amid poor liquidity and a rush to secure financing in