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A strong yen and residual effects of US subprime loans tanked Asian stocks Friday, as the major indices closed down across the board. Thursday’s meltdown in the US stock market had many jumping ship, fearing a falling US economy would impact manufacturers of electronics and autos in the region. Japan led the way, with the Nikkei closing down almost 5.5%, followed by South Korea and Hong Kong. The “unwinding” of the yen carry trade (where investors borrow yen at low rates, then turn around and lend in other currencies at a higher rate) contributed to the decline, as investors feared a rising yen would further dampen exports to the west.