Asian markets were down steeply in early trading Monday, with losses approaching 3 percent in South Korea and exceeding 2 percent in Hong Kong.

Analysts said the sell-off came in reaction to Friday's disappointing job creation figures from the United States. Asian companies that rely on export sales to the United States were especially hard hit in Monday's trading.

Major electronics makers Sony, Panasonic and Sharp all were down more than 3 percent in morning trading, while the region-wide MSCI Asia Pacific Index was down more than 2 percent.

The Dow Jones Industrial Average fell by 2.2 percent in New York on Friday after the government reported no net gain in jobs during the month of August, raising fears of a double-dip recession. U.S. markets are closed Monday for the Labor Day holiday.