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Exporters and automakers among the big losers as investors eye growing signs of a U.S. recession. MOREINFO: The dollar slumps; taps record low agsint the Swiss Franc SCRIPT: Asia stocks tumbled on Wednesday with Japan's Nikkei tapping more than 2 year lows on worries about a U.S. recession. Shares in Mizuho Financial were among the worst performers. Japan's second largest bank said it would buy a stake in troubled Merrill Lynch which is coping with subprime-mortgage related losses. Exporters such as Sony were also badly hit on worries about slowing demand from U.S. consumers and as the U.S. dollar slumped versus the yen. Car makers such as Honda and Nissan also fell sharply. Tokyo's Nikkei ended 3.4 percent lower (13,505) in a broad sell off. Hong Kong stocks sank four percent in the morning session. The city's fortunes are largely tied to movements in the U.S. economy and investors sold heavyweights including China Mobile and the city's listed-bourse operator Hong Kong Exchanges and Clearing. A plummeting U.S. dollar was also a key factor moving markets. The greenback fell to record lows against the Swiss Franc on speculation the U.S. Federal Reserve will cut interest rates to boost the sagging economy. Some investors believe the Fed might hold an emergency meeting to cut rates immediately although the central bank refused to comment. The U.S. unit hit a 2 1/2 year trough agaisnt the yen after data showing retail sales hit a 5-year low in 2007. Tara Joseph-Hui reporting for Reuters.