Asian stocks plunged Friday, following overnight declines on Wall Street, after the European Central Bank gave no indication of more government bond buying.

Markets and the euro retreated after ECB President Mario Draghi maintained a hard-line stance against extra support to ailing economies in the eurozone through bond buying and warned of downside risks in the region. The comments from Draghi poured cold water on speculation that the bank might ramp up purchases of government bonds.

Tokyo shares fell, led by declines from exporter companies' shares on concerns about the global economic outlook. The Japanese benchmark index, Nikkei, declined 1.31 percent or 113.88 points to 8,550.70.

Sony Corp. declined 2.61 percent and Fanuc Corp. fell 2.84 percent, while Hitachi Construction declined 2.2 percent.

Hong Kong stocks also plunged, as declines in miners, metal producers and property stocks dragged down the benchmark index. Hong Kong's Hang Seng index declined 473.34 points or 2.48 percent to 18,634.47.

Jiangxi Copper plunged 5.16 percent, Aluminum Corp of China declined 3.96 percent and Agile Property Holdings and China Overseas Land & Investment declined 3.95 percent and 3.21 percent, respectively.

The Shanghai composite fell 0.48 percent and South Korean Seoul composite declined 1.96 percent.

Meanwhile, chip makers declined after Texas Instruments lowered its fourth quarter outlook. Hynix Semiconductor declined 2.94 percent and Samsung Electronics fell 1.03 percent.