Japan's benchmark Nikkei stock index has fallen almost 5% in early trading, hours after a US financial rescue plan failed to gain Congressional backing.
The US House of Representatives on Monday rejected a $700bn (£380bn) plan aimed at bailing out Wall Street.
The Dow Jones index fell 7% and suffered its biggest ever one-day points fall, ending 778 down.
President George W Bush is to make a statement on the deadlock over the bail-out plan early on Tuesday morning.
A White House spokesman said that the president was "very disappointed" by the vote's result.
Congress will not meet again until Thursday, with another vote unlikely before the weekend, the BBC's Jonathan Beale in Washington says.
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