Tokyo stocks drop as China COVID, high U.S. rates spook investors

Tokyo stocks dropped Thursday morning, as a surge in coronavirus cases in China after its U-turn from its "zero-COVID" policy and a rise in long-term U.S. interest rates sparked worries over the direction of the global economy.

The 225-issue Nikkei Stock Average fell 341.74 points, or 1.30 percent, from Wednesday to 25,998.76. The broader Topix index was down 19.50 points, or 1.02 percent, at 1,889.52.

On the top-tier Prime Market, decliners were led by mining, rubber product, and marine transportation issues.

© Kyodo News