Taiwan's export orders grew at their slowest pace in more than a year last month, according to a government report.
"Exporters will struggle unless we see a sustainable recovery in the US," said Barry Dargan, who helps manage US$1 billion in stocks outside the US at MFS Investment Management in London.
The Hong Kong Monetary Authority, the city's de facto central bank, lowered its benchmark interest rate by a quarter percentage point to 2.5 percent, matching the Fed's cut.
Hong Kong interest rates normally track US rates because the city's currency is pegged to the US dollar.
HSBC Holdings Plc, which runs more than 400 bank branches in the US, shed 2.9 percent to HK$93.25 in the past five days and contributed the most to the Hang Seng's decline in that time.
Hang Seng Bank Ltd was the fifth-biggest drag on the benchmark, shedding 2.4 percent to HK$82.75 in the week.
Hang Seng and some of its rivals warned that margins may shrink if they cut lending rates. Hang Seng kept its nominal lending rate unchanged after the Fed's decision.
South Korea's Kospi index lost 1.3 percent this week, its first losing week in six. Hyundai Motor Co, whose exports account for more than half of its sales, shed 2 percent to 32,250 won in the past five days.
Chohung Bank slid 15 percent to 4,020 won in the week, while Shinhan Financial Group Ltd slumped 12 percent to 12,300 won. The two companies were the second and third-biggest drags on the Kospi as the government delayed a merger between the two for three years.
Australia's S&P/ASX 200 Index fell 1.7 percent, its biggest weekly decline since the period ended March 7.
News Corp, the world's fifth-largest media company, which relies on US economic growth to fuel advertising sales at its Fox television network and New York Post newspaper, fell 2.5 percent to A$11.28, its third weekly decline.
BHP Billiton, the world's third-largest copper producer, lost 2.3 percent to A$8.70. The most active copper futures contract in New York this week fell to a six-week low on concern the US growth won't pick up enough to boost demand for wires and pipes.
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