Asian Stocks close: stocks closed lower on growing concerns about the global economy

Asian stock indices closed lower on growing concerns about the global economy. The International Monetary Fund cut its forecast for global economic growth for 2014 and 2015 this week.

Several disappointing economic data was released in Germany this week.

Investors have concerns that Europe's slowdown could hurt global growth.

Chinese stocks declined on profit taking.

Hong Kong's stock index Hang Seng dropped after the government scrapped negotiations with pro-democracy protestors on Friday.

The BoJ released its minutes from the latest meeting. The central bank said that exports remained weak. One BoJ board member expressed concerns that inflation target of 2% would be achieved in about two years.

Japan's tertiary industry index fell 0.1% in August, missing expectations for a 0.2% rise, after a 0.3% drop in July. July's figure was revised down from a flat reading.

Japan's consumer confidence index fell to 39.9 in September from 41.2 in August, missing expectations for a rise to 42.2.

Indexes on the close:

Nikkei 225 15,300.55 -178.38 -1.15%

Hang Seng 23,088.54 -445.99 -1.90%

Shanghai Composite 2,374.54 -14.83 -0.62%