Nikkei index down over 2% on U.S. monetary tightening fears
Tokyo stocks plunged Monday morning, with the Nikkei index briefly falling over 2 percent, on fears that the U.S. central bank will accelerate its monetary tightening to tame soaring inflation. The 225-issue Nikkei Stock Average fell 526.56 points, or 1.94 percent, from Friday to 26,578.70. The broader Topix index was down 30.02 points, or 1.58 percent, at 1,875.13. Every industry category on the top-tier Prime Market lost ground, except for farm and fishery issues. Decliners were led by mining and air transportation issues.