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A down day for Asian shares on Friday with the property sector among the worst performers on renewed worries about the U.S. economy. Japan's Nikkei fell 1.6 percent (15,155) . The index is hovering near 15-month lows. Hong Kong shares were badly battered...with nerves running high about the outlook for China plays. Aside from U.S. woes, Investors are worried about further rate hikes in China...Many expect China's authorities to move as early as this weekend after inflation data showed inflation has surged to 11-year highs. Plans which would allow mailand China investors to buy shares listed in Hong Kong starting next year, have also been scaled back. Australian commodity shares also took the spotlight with two major miners slugging it out over takeover talks. The Wall Street Journal reported that mining group Rio Tinto is considering fighting off an unsolicited bid from rival BHP Billiton by making a counterbid. Tara Joseph-Hui reporting for Reuters.