Tokyo stocks drop in morning as Fed rate hike concerns prevail
Tokyo stocks fell Friday morning after investor sentiment was dented by overnight falls on Wall Street on renewed concern the U.S. Federal Reserve will continue to hike interest rates aggressively. The 225-issue Nikkei Stock Average shed 161.54 points, or 0.59 percent, from Thursday to 27,149.76. The broader Topix index was down 11.44 points, or 0.60 percent, at 1,911.03. On the top-tier Prime Market, every industry category declined except for land transportation and air transportation. Decliners were led by machinery, insurance and electric power and gas issues.