(Bloomberg) -- Asian equities headed for their lowest close in over three weeks, as technology stocks slid on concerns over US economic growth.

The MSCI Asia Pacific Index fell as much as 1.8%, before recouping some of the losses, with chipmakers Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. among the biggest drags. Japanese shares pared losses, with the Nikkei 225 Average closing 0.5% lower after plummeting more than 3% during the day, helped by a weakening yen. Taiwan’s key stock gauge fell 1.4%, while Hong Kong benchmarks were set for a fifth straight day of declines.

Weak US non-farm payrolls data Friday sparked concern that the Federal Reserve is moving too slowly to support the world’s largest economy. While investors try to gauge the size of the Fed’s rate cut next week, the Bank of Japan’s recent move to tighten policy has put upward pressure on the nation’s currency, fanning concerns over carry trades.

There is scope for “some more short-term downside for risk assets as positions are likely to unwind,” said Matthew Haupt, a portfolio manager at Wilson Asset Management International. “Expect most weakness in Japan at this stage with all markets to suffer as well,” he said.

Chinese shares slumped as weak producer and consumer price data Monday pointed to continued deflationary pressures. The country’s stocks have seen a string of downgrades recently as weak economic data raise doubts over its 5% GDP growth target for 2024.

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This story was produced with the assistance of Bloomberg Automation.

(Updates throughout.)