Tokyo stocks plummet on oil price jump, tax hike concerns

Economy

Tokyo stocks plunged Tuesday to extend their losing streak to seven days, after surging oil prices stirred worries over the global economic recovery and sentiment was hurt by a possible income tax hike proposed by newly elected Prime Minister Fumio Kishida. The 225-issue Nikkei Stock Average ended down 622.77 points, or 2.19 percent, from Monday at 27,822.12, its lowest closing level since Aug. 30. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 26.17 points, or 1.33 percent, lower at 1,947.75. Decliners were led by precision instrument, machinery and i...

Kyodo News

Kyodo News