Tokyo’s stock market
falls as dollar rises

TOKYO -- Tokyo share prices plunged today as investors worried about how Southeast Asia's currency crisis and falling stocks would affect Japan's economy. The dollar gained sharply against the yen.

The Nikkei Stock Average lost 255.12 points, or 1.40 percent, closing at 17,974.30, its first close below 18,000 points in 4-1/2 months. On Friday, the average had sunk 222.03 points, or 1.20 percent.

Mounting worries about Asian financial markets have led to major selling, said Yoshiki Sugawara, investment information manager of Sanyo Securities.

"While investors have growing fears, they have yet to figure out how to deal with the situation," Sugawara said.

Stock prices throughout Asia have been hammered by turmoil in currency markets, compounded by Wall Street's losses last week.

In currency dealings, the dollar was trading at 120.68 yen in late afternoon, up 1.29 yen from late Friday in Tokyo.

In New York, the dollar had climbed to 120.80 yen on Friday, exceeding 120 yen for the first time since May.