Asian markets tumbled sharply in early trading Monday, hurt by data suggesting debt-strapped Greece's attempts at austerity were not yielding results and a weakening economic picture in Europe.

Japan's Nikkei 225 fell 2.3 percent to 8,503.88, with a government survey showing an improvement in business confidence among Japanese manufacturers doing little to nudge markets back to life.

Markets in mainland China and the Republic of Korea were closed for national holidays.

A deeper-than-expected recession prevented Greece from meeting this year's deficit target of 7.8 percent, the government said over the weekend.

Greece's deficit for 2011-2012 is expected to reach 8.5 percent of gross domestic product, or euro18.69 billion ($25.2 billion).

AP