Tokyo, March 30 (Jiji Press)–Japan’s Nikkei 225 stock average sank more than 2,800 points in morning trading Monday, reflecting a surge in crude oil prices amid worsening tensions in the Middle East. At 9:13 a.m., the key index of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section was down 2,806.08 points, or 5.26 pct, from Friday at 50,566.99. The index fell below 51,000 for the first time in a week on an intraday basis. Fears of a prolonged conflict between U.S.-Israeli forces and Iran flared again following reports that Washington is considering ground operations in Iran. This pushed crude oil prices higher, with West Texas Intermediate, a benchmark for U.S. oil, rising above 100 dollars per barrel again. Meanwhile, the yield on the most recent issue of 10-year Japanese government bonds, regarded as Japan’s benchmark long-term interest rate, briefly climbed to 2.39 pct in Tokyo on Monday, the highest level since Feb. 8, 1999. END [Copyright The Jiji Press, Ltd.]
Nikkei Average Dips over 2,800 Points in Morning
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