Asian stocks headed for the biggest decline in eight months, led by raw-material producers, amid concern an unprecedented levy on bank deposits in Cyprus will plunge Europe back into crisis and that China will increase efforts to curb property prices.

Nikkei 225 12,220.63 -340.32 -2.71%

Hang Seng 22,083.36 -449.75 -2.00%

S&P/ASX 200 5,015.4 -104.84 -2.05%

Shanghai Composite 2,240.02 -38.39 -1.68%

Every benchmark gauge in the Asia-Pacific dropped, with the regional measure shedding about $180 billion in share value, equivalent to seven times the size of Cyprus’ economy. 

Toyota Motor Corp., the world’s biggest automaker, slid 3.4 percent as the yen gained against all its major peers. 

Esprit Holdings Ltd., a Hong Kong-based clothier that counts Europe as its No. 1 market, dropped 2 percent. 

BHP Billiton Ltd. (BHP) fell 2.4 percent in Sydney, leading mining companies lower.