Tokyo stocks sank Wednesday, with the Nikkei index briefly falling over 600 points to below the 23,000 line for the first time since November, as Middle East tensions escalated after Iran fired missiles at Iraqi bases that host U.S. troops.
The 225-issue Nikkei average ended down 370.96 points, or 1.57 percent, from Tuesday at 23,204.76, its lowest close since Dec. 4. The broader Topix index of all first section issues on the Tokyo Stock Exchange finished 23.65 points, or 1.37 percent, lower at 1,701.40.
Investors briefly raced for safe-haven assets, with the U.S. dollar dropping to a three-month low of around ¥107.65 in early morning trading before recovering to the lower ¥108 range. Bonds and gold were also in high demand.