Jakarta, Financeroll.com - Asian stocks slumped, led by financial and mining companies, as higher loan-loss reserves at Bank of America Corp. and a drop in commodity prices derailed optimism the global economy is recovering. Orix Corp. slid 6.1 percent after Nomura Holdings Inc. downgraded the shares. BHP Billiton Ltd., the world’s largest mining company, lost 3.6 percent after oil and metals prices sank. Mitsubishi Corp. dropped 5.2 percent after the Nikkei newspaper said falling coal prices will erode profits.

Nikkei 225 tumbled 2.5 percent to 8,701.29, while S&P/ASX 200 Index slumped 2.7 percent. All markets open for trading declined.

Prospects for more bank losses spurred demand for the yen as an investment haven. The Japanese currency touched 97.66, a level not seen since March 31, compared with 98.89 at the close of stock trading in Tokyo yesterday.

Orix retreated 6.1 percent to 4,460 yen. Westpac Banking Corp. dropped 3.2 percent to A$19.61. BHP sank 3.6 percent to A$31.71. Crude oil for May delivery dived 8.8 percent to $45.88 a barrel in New York yesterday. Copper futures for July delivery slid 4.2 percent, the sharpest plunge since Feb. 17. Mitsubishi Corp. slumped 5.2 percent to 1,592 yen.