SINGAPORE (Reuters) - Asian stock markets tumbled across the board on Wednesday after Wall Street's third-worst one-day drop, but the yen and other currencies jumped after a top Japanese official expressed concern about the currency's weakness.

Tokyo's key Nikkei average ended little changed after battling back from a drop of more than 1 percent as the steep overnight slide on Wall Street dampened shares in Japanese global companies, brokers said.

Fears about Asia's financial crisis, weaker corporate earnings for U.S. firms and a slowing American economy had pulled down the Dow Jones industrial average by 299.43 points, or 3.41 percent, to 8,487.31 on Tuesday.

The sell-off continued as soon as opening bells sounded in Asia, with share indices in Tokyo, Hong Kong, Sydney, Kuala Lumpur, Seoul, Taipei, and Wellington suffering losses in excess of 1 percent in early trade.

Tokyo managed to recoup some ground by day's end on the back of bank stocks and pension buying.

The region's worst performers were the stock exchanges in Seoul and Jakarta, which shed 3 percent and 4 percent, respectively.

Hong Kong ended the day off 1.51 percent, with analysts attributing the loss to Wall Street's plunge and the pull in index heavyweights.

Worries of a further fall on Wall Street will keep Asian investors on edge, analysts said.

"Certainly if there is a further correction in the United States, then in the short term it will be negative," said Robert Sassoon, head of research at SG Securities.

Seoul, Jakarta suffer biggest losses

South Korea's market ended down 10.37 points, or 3.11 percent, to 322.83 on jitters caused by the troubles on Wall Street.

Jakarta shares bled as well, shedding 19.56 points, or 4.24 percent, to close at 441.78.

Elsewhere in the region, Malaysian shares closed 1.59 percent lower, Singapore stocks lost 1.21 percent, Taiwan ended down 1.23 percent, and Thai shares were 1.54 percent lower.

Tokyo saved by banks and pensions

Unlike other markets, Tokyo regained its poise thanks to a rally in banking stocks and a flood of public pension buying. The rebound was sparked by growing expectations of comprehensive tax cuts aimed at stimulating the sluggish economy.

The benchmark Nikkei closed down 31.42 points, or 0.20 percent, to 15992.16.

Finance Minister Kiichi Miyazawa said on Tuesday that the top income tax rate would be cut to 50 percent from 65 percent, the latest detail to emerge on a program of tax cuts expected to total nearly $50 billion.

Hong Kong drops in wake of Wall St.

Hong Kong stocks tumbled to near year lows in the wake of the Wall Street plunge.

The battered blue chip Hang Seng index ended the day down 114.37 points, or 1.51 percent, to 7466.43.

It had earlier fallen to 7,366.44 points, just off its year low of 7,351.68.

"Hongkong Bank (HSBC) and China Telecom dragged the market down," said Anthony Mak, sales director at Vickers Ballas. "Otherwise the market should have been neutral."

HSBC Holdings Plc lost HK$6.50, or 3.65 percent, to close at HK$171.50, two days after it reported a 16 percent drop in its interim net profit due to higher-than-expected provisions for bad and doubtful debts.

The bad crash on Wall Street gave the market a hit and people are watching for more clues from the United States in the next few days, said Ricky Tam, senior research manager at Delta Asia securities.

Sydney sinks on Wall St., Asia

In Australia, early U.S.-inspired losses deepened after Asian markets slumped.

The benchmark All Ordinaries index shed 42.1 points, or 1.57 percent, to 2,640.2.

"We had expected it to be off by 40 to 50 points, but it has come off further now and that is largely because Japan has come off some way," said a Sydney-based dealer of an American investment bank.