Tokyo stocks fall in morning on concerns over ECB's rate hike
Tokyo stocks were sharply lower Friday morning, weighed down by concern over the outlook for Europe after the European Central Bank confirmed it will respond to high inflation by hiking interest rates for the first time in 11 years in July. The 225-issue Nikkei Stock Average fell 397.74 points, or 1.41 percent, from Thursday to 27,848.79. The broader Topix index was down 19.21 points, or 0.98 percent, at 1,949.84. On the top-tier Prime Market, decliners were led by iron and steel, pharmaceutical and machinery issues.