Tokyo stocks open lower as financial crisis fears spread to Europe

Tokyo stocks opened sharply lower Thursday as concerns about the financial system spread to Europe, with a major Swiss bank now facing credit risk following the recent collapse of two U.S. regional banks.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average plunged 526.52 points, or 1.93 percent, from Wednesday to 26,702.96. The broader Topix index was down 43.80 points, or 2.23 percent, at 1,916.32.

Decliners were led by bank, iron and steel, and mining shares.

At 9 a.m., the U.S. dollar fetched 132.90-91 yen compared with 133.42-52 yen in New York and 134.86-89 yen in Tokyo...