Japan's Nikkei Index at Lowest Point in 26 Years

Asian stock markets sank Monday, with Japan's benchmark tumbling to a 26-year closing low, the bears continue to roar.

The world's second largest economy's broad TOPIX index, already among Asia's worst performing this year, lost 87 points on Monday to close at its lowest level since October 1982.

Hong Kong's Hang Seng also fell 4.8 percent on Monday while other major Asian markets plunged on concerns about the fate of US banks and auto industry.

This came after Japan recorded its first current account deficit in 13 years in January, Reuters reported.

Japan's Ministry of Finance said the deficit had reached $1.7 billion, as exports plummeted in the face of shrinking demand overseas, particularly in the United States.