The Associated Press
/www.fxserver.com/TOKYO (AP) -- Tokyo stocks fell to new 19-year lows Wednesday morning after its key index lost more than 3 percent the day before. The dollar was lower against the yen.
The benchmark 225-issue Nikkei Stock Average lost 117.65 points, or 1.27 percent, to 9,099.39 at the end of Wednesday's morning session. On Tuesday, the Nikkei fell 304.59 points, or 3.12 percent, closing at 9,217.04, the lowest since the Sept. 19, 1983 finish of 9,141.25.
The dollar traded at 117.30 yen at 11 a.m., down 0.32 yen from late Tuesday in Tokyo, but above its late New York level of 117.12 yen.
In New York, stocks tumbled Tuesday, as investors grew skittish over unfavorable developments in the U.S. economy, ranging from lower-than-expected manufacturing activity to brokerage downgrades of Citigroup Inc. and Ford Motor Co.
The Dow Jones industrial average closed down 355.45, or 4.1 percent, at 8,308.05 on Tuesday, its fifth straight day of decline. It was the largest one-day loss since July 19, when the Dow fell 390.23.
The Nasdaq composite index declined 51.01, or 3.9 percent, to 1,263.84, after falling 4.8 percent in the previous week to end three weeks of gains.
The broader Tokyo Stock Price Index also extended its losses Wednesday. It fell 15.71 points, or 1.73 percent, to 888.53 at the end of morning trading, falling below 890 points first time since December, 1984. The TOPIX closed down 26.12 points, or 2.81 percent, at 904.24, its 18-year-low.
Morning losers included automakers such as Toyota and Honda, as well as high-technology firms including Toshiba, Sony, and NTT.
The euro traded at 116.92 yen at mid-morning, up from 116.25 yen late Tuesday in Tokyo. Against the dollar, the euro was quoted at 99.66 cents, up from 98.47 cents.
The yield on the benchmark 10-year government bond was 1.2150 percent, up from Tuesday's close of 1.1800 percent. Its price fell 0.32 to 101.75.