Asian markets were mixed while oil rose $3 a barrel Wednesday after the Federal Reserve said it would bail out American International Group in a dramatic about-face as victims of the financial crisis kept piling up.

Markets bleed red all over the region Tuesday, with Japan's Nikkei losing 5% and South Korea's KOSPI shedding 6%, as upheaval on Wall Street fueled investor uncertainty about a spillover into Asia.

Asian markets -- the few of them that were opened today -- fell sharply as U.S. investment bank Lehman Brothers filed for bankruptcy, dragging down financials.

Asian markets rose Friday, with shares outside of Japan rebounding from a 23-month low on reports Lehman Brothers had put itself up for sale, suggesting a smaller risk of a Wall Street meltdown spreading to the region.

Asian markets declined 1% on average Thursday, weighed down by banking shares after Lehman Brothers failed to to restore investor confidence with plans to sell a majority stake in its asset management unit and spin off commercial real estate.

Asian stocks weakened Wednesday, hurt by financial shares ahead of results from Lehman Brothers, which has been rocked by the same crisis that led Washington to take over Fannie Mae and Freddie Mac this week.

Asian stocks fell Tuesday in a sobering realization the U.S. takeover of Fannie Mae and Freddie Mac has addressed some risks stemming from the financial crisis but has not solved it. Japan, South Korea and Australia all finished over 1 percent lower.

Asian markets surged Monday after Washington took over Fannie Mae and Freddie Macto save the U.S. housing market and limit the extensive damage of the financial crisis. Japan and Australia both gained 3.5%, with South Korea soaring 5%.

Fears about economic growth and a 3% slump on Wall Street sent Asian markets sprawling Friday, with investors sought safe-haven bonds and unwound currency carry trades, lifting the yen to a 13-month high versus the euro.

Asian shares fell to new two-year lows Thursday as further signs of a slowing global economy -- from the euro zone to Japan -- hit sectors, such as technology, that rely on exports.

Asian markets were mixed Wednesday as oil prices held below $110 and the U.S. dollar neared a 10-½ month high, raising hopes of an easier business environment for manufacturers and exporters, but rattling resource-focused stocks. 

Asian markets extended losses in late trade Tuesday with Japan finishing at a 5-month low in the wake of its prime minister's sudden resignation. A state of emergency declared by Thailand also weighed on regional stocks.

Asian markets were sharply lower Monday, stung by the technology sector, which is anticipating slower global demand. South Korea was the worst hit, sinking 4 percent.

Asia stocks rallied Friday, led by industrial companies and exporters, after a big upward revision to second quarter U.S. economic growth boosted the outlook for demand. Japan closed 2.4% higher, the market's bigger one-day percentage gain in three weeks.

Asian markets ended mixed Thursday in seesaw trading, following the Dow's firm close Wednesday on a rebound in financial stocks. Japan finished flat whilst South Korea fell over 1 percent and Australia climbed 1 percent.