HONG KONG - Asian stocks fell last week, led by the biggest drop in the Nikkei 225 Stock Average in two years, after Japan's 9.0-magnitude earthquake and a nuclear crisis sparked concern that the global economic recovery is in jeopardy.

Equities reduced losses on March 18 after the Group of Seven nations said they would sell yen to weaken Japan's currency and prevent a recession. Tokyo Electric Power Co, Asia's largest power generator, plunged a record 55 percent as it battled to avert a meltdown at Fukushima Dai-Ichi power plant. Toyota Motor Corp, Fuji Heavy Industries Ltd and Nikon Corp lost more than 10 percent after shutting factories damaged in the earthquake.

"It's still too early to say that we've seen the bottom yet," said Shane Oliver, head of investment strategy in Sydney at AMP Capital Investors Ltd, which manages $98 billion. "The cost to the Japanese economy will be huge. The damage to factories, power supply, transport infrastructure and confidence will depress economic activity before rebuilding kicks in."