Tokyo stocks slid Wednesday morning, as investors started the first trading day of 2023 with heightened fears that the Bank of Japan could move further toward monetary tightening and cause the yen to rise sharply against the U.S. dollar.
The 225-issue Nikkei Stock Average dropped 369.84 points, or 1.42 percent, from Friday to 25,724.66. The broader Topix index was down 19.28 points, or 1.02 percent, at 1,872.43. Japanese financial markets were closed Monday and Tuesday due to the New Year holidays.
Nearly all 33 industries on the Tokyo Stock Exchange fell, with marine transportation, mining, and precision instrument issues among the worst performers.