The ECB cut its deposit rate by the minimum 0.1 percentage point to -0.3%, and extended its asset purchase program, but did not increase its monthly government bond purchases.
Investors were expecting a bigger cut in the rates, analysts said.
Japan's benchmark Nikkei 225 index was down 1.7% to 19,606.32 points.
Evan Lucas, market strategist at trading firm IG said Friday's shares sell-off is because there was over-excitement and high expectations for what the ECB would deliver at its policy meeting.
"I have been fully aware that last night's ECB meeting would be the biggest 'disappointment' event of the week," he wrote in a note.
The six month extension of its stimulus program was seen as the bare minimum, because traders were looking for a one-year extension of the plan - or even an open-ended plan.
"What the market 'wanted' versus what the market was 'going to get' were two distinctly different events," Mr Lucas said.
Chinese markets followed global markets lower with Shanghai Composite index down 1% to 3,549.51, while Hong Kong's Hang Seng index lost 1.2% to 22,158.57.
Australia's S&P/ASX 200 index was down 1.7% to 5,138 despite retail sales rising 0.5% in October from the month before.
It was the third month of solid growth as shoppers spent big on household goods and at department stores.
South Korea's Kospi index was down 0.8% to 1,978.78 points.

He was trying out a 45m (150ft) high zip wire at Victoria Park, where the Games are being shown on big screens.
The wire then lost momentum, leaving him suspended "like an odd Christmas decoration" above a crowd of people.
As onlookers snapped photos, he joked: "This is great fun but it needs to go faster."
Highwire act Boris defies political gravity
Lee Medcalf, who was at the event, said: "When Boris came down the zip wire, it was very James Bond-esque with him shouting 'Team GB'.
"However, he seemed to lose momentum and was left hanging there like an odd Christmas decoration for about five to 10 minutes.
"He spoke to the crowd, which had gathered beneath him, saying 'this is what it's all about; this is great, this is fantastic, this is Team GB'.
"I was thinking 'Yeah it's good, but you're still just hanging there'."
A spokesman for the mayor said: "The mayor has survived his first zip wire experience relatively unscathed.
"Clearly the judges are likely to have marked the mayor down for artistic impression, and unlike team GB, the mayor may not be winning too many Gold medals today.
"He does however remain unbowed."
Prime Minister David Cameron said London was "lucky to have" Boris Johnson as mayor.
Mr Cameron said: "If any other politician got stuck on a zip wire it would be disastrous.
"With Boris it's a triumph... London is lucky to have him."
Asian shares opened lower following the global trend as investors reacted negatively to the European Central Bank's (ECB) policy-easing moves.
[NEXT_CONCEPT]
The Mayor of London Boris Johnson was left dangling on a zip wire for several minutes when it stopped working at an Olympic live screen event.