Tokyo Stocks Plunge on Middle East Woes

Tokyo, March 30 (Jiji Press)--Tokyo stocks tumbled Monday amid rising crude oil prices reflecting concerns over a prolonged conflict between the U.S.-Israeli side and Iran.

The benchmark Nikkei 225 average plunged 1,487.22 points, or 2.78 pct, from Friday to close at 51,885.85, losing ground for the third straight market day. The broader TOPIX index fell 107.35 points, or 2.94 pct, to 3,542.34.

Fears that the conflict in the Middle East will last a long time flared again following media reports that the U.S. Defense Department is considering dispatching more ground troops for the fighting.

This pushed key U.S. crude oil futures prices above 100 dollars per barrel again on Friday, contributing to the Tokyo stock market's decline at the start of this week.

The Nikkei lost more than 2,800 points at one point, briefly falling below 51,000 for the first time in a week on an intraday basis.

[Copyright The Jiji Press, Ltd.]