Tokyo stocks open sharply lower on concern over U.S. financial system
Tokyo stocks opened sharply down Tuesday, led by selling of banking and related stocks amid concern over the U.S. financial system following the collapse of two U.S. banks.
In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 567.62 points, or 2.04 percent, from Monday to 27,265.34. The broader Topix index plunged 48.18 points, or 2.41 percent, to 1,952.81.
Every industry category declined, led by bank, insurance and mining shares.
At 9 a.m., the U.S. dollar fetched 133.07-08 yen compared with 133.18-28 yen in New York and 134.49-52 yen in Tokyo at 5 p.m. Monday.