In today’s market report… Toyota Motor shares fell sharply after it announced a U.S. recall of 2.3 million vehicles, the second massive move in four months.

The newest recall, involving a number of models, centers on potential problems with accelerator pedals.

Toyota says the move is separate from last year's record recall of 4.2 million vehicles, coming as the world's largest carmaker was steeped in losses.

Other stocks in Japan and Asia were down after Wall Street saw its worst one-day percentage drop since October.

U.S. proposals for new banking restrictions hit Asian financials as well, sending regional benchmarks lower.

Resource-linked companies declined as copper prices hit a 3-month low, hitting top miners like BHP Billiton and Rio Tinto.

But top Russian aluminum producer UC RUSAL raised $2.24 billion in its Hong Kong IPO, moving closer to being the first non-Asian company with a primary listing there.