FXStreet (Mumbai) - Heavy losses on the US stocks and tumbling oil prices triggered renewed bout of risk-aversion in Asia, dragging the stocks on the Asian bourses sharply lower ahead of the looming Fed decision later this week. Nikkei – biggest loser amid increased risk-off trades The Japanese stocks reversed previous gains and fell back in the red zone, heavily impacted by renewed risk-aversion wave which bolster the yen bulls and thus, hammered the exports stocks. USD/JPY now trades lower at 120.90 while the Japanese benchmark index, the Nikkei sinks -2.46% to 18,758. While the other regional indices also followed suit, with the Australian stocks down over 1% below 5k mark and at fresh to 3-month lows. The fall in the price of crude oil and nervousness ahead of the probable Fed lift-off later in the week contributed to the decline. The Chinese indices also traded in the negative territory, shrugging-off upbeat China retail sales and industrial production data released over the weekend. China’s A50 index drops -0.27% to 10,275 points. While Hong Kong’s, the Hang Seng tanks -1.66% to 21,105. For more information, read our latest forex news.