On Thursday, Asian markets buckled badly after the Federal Reserve indicated an eventual end to free money. China turned the screw on credit even as factory activity in world's second biggest economy hit nine months low.

Investors rushed to unwind trades in emerging markets making shares, currencies and commodities all crumbled. Central banks across the region were also busy superseding foreign exchange markets. The said banks tried to put out spot fires however limited success was arrived.

Asian stocks outside Japan suffered the biggest daily loss among a host of unwanted milestones since late 2011. China's key lending rates and India's currency carved out a new record low.

MSCI's broadest index of Asia-Pacific shares outside japan went down nearly 4%. This made it the biggest daily percentage fall from September 2011.

China was among the largest decliners in Asia having Shanghai and Shenzhen A share listings closed down to 3.3%.