TOKYO—Asian stocks fell sharply Monday as investors digested Wall Street’s steep drop on Friday and expressed concern that Europe’s debt crisis could widen past Greece to Hungary.

Japan’s Nikkei 225 slumped 3.8 percent, or 380 points, to close at 9,521 on Monday as the yen weakened to both the dollar and the euro. Some of retail’s biggest losers included Isetan Mitsukoshi, which shed 3.6 percent. Takashimaya lost 3.2 while Onward Holdings dropped 3.3 percent.

Other Asian markets were losing ground in early afternoon trade. Hong Kong’s Hang Seng was down 2.4 percent. Seoul’s Kospi index was shedding 1.6 percent while Singapore’s Straits Times was losing 1.8 percent. Benchmarks in Australia, India, Shanghai, Taiwan and Jakarta are currently trading in red territory.

On Friday, the U.S. reported slower-than-expected job growth numbers.

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