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Investors sell stocks and the dollar on continued worries a possible U.S. recession will spread to Asian economies. MOREINFO: Exporters among the most badly bruised, as investors seek safety in bonds. SCRIPT: Asia stocks slid on Monday with exporters such as car maker Honda tumbling on growing U.S. recession fears. Worries about the economy kept the dollar within striking distance of a near three-year low against the yen. Japanese exporters are badly bruised by a rising yen as it makes their goods appear more expensive overseas. Japan's Nikkei ended 3.9 percent lower (at 13,326), its lowest level in more than 2 years. Hong Kong shares were also down by the midday recess. Bank of China was among the worst performers on talk the institution was due to announce a significant write down of its failed investments in U.S. subprime mortgage securities in the fourth quarrter. Martin Hennecke of investment firm Tyche says that while subprime is a problem for markets, the worst is yet to come: (SOUNDBITE) (English) MARTIN HENNECKE, SENIOR MANAGER, PRIVATE CLIENTS, TYCHE, SAYING: "What investors need to understand, it's not just about subprime and mortgages it's really a big crisis of debt on all levels, even government debt hitting the West now and that's very significant. In our view, it's just getting started and it will really develop into a very, very severe recession maybe a real depression of the style we saw in 1929." Korean shares were also badly bruised on recession worries. But on the bright side, car maker Hyundai rose more than 3 percent with investors betting on better than expected fourth quarter earnings for the firm due out on Thursday. U.S. stock markets are shut on Monday but investors will spend the week combing for further signs of weakness in the world's largest economy. Investors will also look to the results of a Japan central bank meeting on Wednesday for any hints as to whether the bank may plan to cut interest rates to boost a sluggish economy. Tara Joseph-Hui, Reuters, Hong Kong.