Japan's equity futures fell 6 percent on Monday as investors took stock of the economic fallout from the massive earthquake and tsunami.

Shares in automakers, electronics companies and oil refiners tumbled by as much as 12 percent on the back of factory closures. The yen slid against the dollar, reversing earlier gains during a volatile and cautious morning. But fears over a possible hit to the economy and the slump in shares gave a lift to government bonds.