Asian markets ended mostly weaker Monday, heading for their worst quarterly performance in over five years. Japan finished down over 2 percent, but South Korea and Australia managed to eke out slight gains after treading lower for most of the session.
Oil prices, among the top performing asset classes so far this year, extended falls from the previous session after the restart of a crude pipeline system in Iraq eased concerns over supply.
A choppy U.S. dollar kept other commodity prices steady, following a quarter in which a slumping greenback has sent the prices of asset classes such as gold to record highs.
Tokyo's Nikkei 225 Average declined 2.3 percent as investors rushed to take profits and sold blue-chip shares such as Toyota Motor. The Nikkei ended the quarter down 18.2 percent, its worst quarterly performance since mid-2001. It lost 27.6 percent in the fiscal year ending on Monday. Bank shares slid, with Mizuho Financial Group down 5.4 percent, after U.S. financial firms fell on concerns about potential dividend cuts. Trading house Marubeni plunged more than 6 percent after Lehman Brothers said it planned to sue Marubeni for repayment over a case of suspected fraud.