Asian stocks outside China skidded on Monday, tracking an uninspiring lead from Wall Street, as the Federal Reserve's decision to keep interest rates near zero stoked concerns about global growth.
"It's going to be a really tough week because we have the combination of [uncertainty] over what the People's Bank of China (PBOC) and the Fed wants. It seems that the Fed has moved the goalpost and that upset U.S. markets on Friday," Adrian Mowat, MD and chief Asian and emerging market equity strategist at J.P. Morgan, said early Monday.
"We are [seeing] people closing out risk positions so you see the U.S. dollar weakening, [as well as] the yen and euro beginning to appreciate," Mowat added in his interview with CNBC Asia's "Squawk Box."
Dollar-yen inched down 0.2 percent at 119.77 in Asian trade, while the euro gained 0.1 percent of its value against the U.S. dollar to trade at 1.13.
Major U.S. averages finished sharply lower last Friday, with the Dow Jones Industrial Average closing down 1.7 percent. The S&P 500 and tech-heavy Nasdaq Composite lost 1.6 and 1.4 percent respectively.
Meanwhile, attention may also turn to Greece, where Prime Minister-elect Alexis Tsipras claimed victory in the country's general elections on Sunday and will return to power in a coalition government with the right-wing Independent Greeks. Speaking to cheering crowds in a central Athens square, Tspiras said he "felt vindicated" after quitting in August to start on a clean slate with voters, Reuters reported.