Asian Stocks Close Lower Friday

Updated from 1:44 a.m. EDT

Asian stocks closed lower Friday on fears that even if the U.S. government passes a $700 billion rescue plan for the financial sector it won't prevent a recession in the U.S.

The Nikkei closed down 216.62 points, or 1.9%, to 10,938.14, the lowest close since May 2005. The Hang Seng index in Hong Kong closed for the day down 2.9%, while the S&P/ASX 200 index in Australia saw a decline of 1.4%.

Shares of Toyota Motor(TM Quote), and other auto makers, closed lower after reporting weak sales in the U.S. earlier this week. Toyota said Thursday it plans to offer incentives on 11 vehicles for October after experiencing a U.S. sales decline of 32% last month. ...