Share prices on major exchanges in Asia and Europe fell sharply Monday, after Friday's deep decline on Wall Street increased fears that a recession may hit the United States.

India's benchmark index plunged more than five percent, while Japan's Nikkei index was down 4.5 percent. Benchmark stock indexes in Australia, Hong Kong, Singapore and Jakarta fell about three percent. Indonesia's market was off by 2.6 percent.

European indexes were off one percent or more in afternoon trading, while U.S. shares declined in early trading.

At the same time, the dollar slid to a three-year low against the yen. The weak dollar hurts Asian exports and drives up the price of dollar-priced commodities.

Some information for this report was provided by AP and Bloomberg.