Tokyo stocks sink in morning on higher oil prices, tax hike worries

Economy

Tokyo stocks sank Tuesday morning after higher oil prices stirred worries over the global economic recovery and concern emerged after newly elected Prime Minister Fumio Kishida announced a possible tax hike on financial income. The 225-issue Nikkei Stock Average plunged 786.58 points, or 2.77 percent, from Monday to 27,658.31. The key index briefly dropped to its lowest intraday level since Aug. 23. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 34.63 points, or 1.75 percent, at 1,939.29. Decliners were led by precision instrument, machinery and electr...

Kyodo News

Kyodo News