I'd agree with lots of people's posts containing Audition. Slow, yes, but very effective as a horror/thriller I think. And, of course, it's from the genius that is Takashi Miike! Visitor Q might be my all time favourite film, but I'm not sure I'd class it as a pure horror, it's such a mix of genres (same goes for the likes of Ichi the Killer and Oldboy, although brilliant films, I wouldn't say they were horror really).
Couple of my other favourite Asian horrors are Shutter and Dumplings (both the short and feature length versions. The Three Extremes DVD which the short version of Dumplings is part of contains two other good short Asian horrors as well: "Cut" and "Box").
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