Tokyo stocks drop as financial crisis fears spread to Europe

Tokyo stocks dropped Thursday morning as concerns about the financial system spread to Europe, with concerns growing over the health of a major Swiss bank in the wake of the collapse of two U.S. regional banks.

The 225-issue Nikkei Stock Average fell 255.09 points, or 0.94 percent, from Wednesday to 26,974.39. The broader Topix index was down 25.33 points, or 1.29 percent, at 1,934.79.

All industry categories except information and communication issues declined, led by bank, insurance, and iron and steel shares.