Asian equities in Free-Fall

Asian markets traded with heavy losses for a second-consecutive session on Friday, with several key global events diminishing risk sentiment. Political tensions in Turkey, Greece, and Korea also added to the general risk-off mood, sending US markets deep into the red and helping safe-haven assets such as gold and the Japanese yen gain.

China sparked a risk-off mood in markets in Tuesday's trading session as the benchmark Shanghai Composite tumbled more than 3%, while Kazakhstan decided to remove the peg on its currency, the tenge, prompting a 25% plunge in the currency against the US dollar.

Japan's benchmark Nikkei 225 index slumped 1.79% to 19,675.04 points within the first hour of trade on Friday, while Tokyo's broader Topix gauge dived 2.12% to 1,589.41 points.

Hong Kong's benchmark Hang Seng index fell 1.71% to 22,368.64 points at the opening bell, and mainland China's benchmark Shanghai Composite lost 1.48% to trade at 3,609.96 points at the same time.

Korea's benchmark Kospi index toppled over 1.89% to 1,878.32 points on Friday morning in Seoul.

The benchmark Australian S&P/ASX 200 index plunged 1.16% to 5,227.20 points in Sydney, facing a second day of sharp losses amid risk-off sentiment.

New Zealand's benchmark S&P/NZX 50 index slipped 0.12% lower to 5,735.71 points this afternoon in Wellington.