<p>Tokyo's benchmark Nikkei 225 index plunged more than five percent in morning trade Tuesday amid rising doubts about the US economy and fears sparked by a US government funding crisis.</p>.<p>At the midday break, the Nikkei index was down 5.05 percent or 1,018.74 points at 19,147.45, after dipping to as low as 19,138.88 -- the lowest level since April 2017.</p>.<p>The broader Topix index dipped 4.99 percent or 74.27 points to 1,413.92 by the break.</p>.<p>Analysts had warned that the Japanese market would be volatile after steep falls on Wall Street on Monday, and with a higher yen against the dollar weighing on sentiment.</p>.<p>But Makoto Sengoku, market analyst at Tokai Tokyo Research Institute, admitted surprise at the scale of the rout.</p>.<p>"I didn't expect the market would tumble this much," he told AFP.</p>.<p>"There are no signs of selling running its course or big buyers emerging."</p>.<p>The dollar fetched 110.13 yen in midday Tokyo time, down from 110.43 yen in New York on Monday and 111.38 yen in Asian trade on Friday.</p>.<p>The Tokyo market was closed on Monday for a national holiday.</p>.<p>In New York, US shares fell sharply with investors unnerved by weekend reports that US President Donald Trump had asked about the possibility of firing Federal Reserve Chairman Jerome Powell.</p>.<p>The dive also came after Treasury Secretary Steven Mnuchin's efforts to reassure investors fell flat.</p>.<p>Mnuchin was widely panned by market watchers over a phone call with the six biggest US banks, reporting on Twitter that the six CEOs have "ample liquidity" available.</p>.<p>The move "prompted worries in the market," Toshiyuki Kanayama, senior market analyst at Monex, said in a note.</p>.<p>Automakers were among losers, with Toyota dropping 5.31 percent to 5,075 yen, Honda down 5.20 percent at 2,769.3 yen and Nissan off 5.00 percent at 838.7 yen at the break.</p>.<p>Sony was down 5.18 percent at 5,021 yen and Panasonic was down 5.17 percent at 923.8 yen at the break.</p>
<p>Tokyo's benchmark Nikkei 225 index plunged more than five percent in morning trade Tuesday amid rising doubts about the US economy and fears sparked by a US government funding crisis.</p>.<p>At the midday break, the Nikkei index was down 5.05 percent or 1,018.74 points at 19,147.45, after dipping to as low as 19,138.88 -- the lowest level since April 2017.</p>.<p>The broader Topix index dipped 4.99 percent or 74.27 points to 1,413.92 by the break.</p>.<p>Analysts had warned that the Japanese market would be volatile after steep falls on Wall Street on Monday, and with a higher yen against the dollar weighing on sentiment.</p>.<p>But Makoto Sengoku, market analyst at Tokai Tokyo Research Institute, admitted surprise at the scale of the rout.</p>.<p>"I didn't expect the market would tumble this much," he told AFP.</p>.<p>"There are no signs of selling running its course or big buyers emerging."</p>.<p>The dollar fetched 110.13 yen in midday Tokyo time, down from 110.43 yen in New York on Monday and 111.38 yen in Asian trade on Friday.</p>.<p>The Tokyo market was closed on Monday for a national holiday.</p>.<p>In New York, US shares fell sharply with investors unnerved by weekend reports that US President Donald Trump had asked about the possibility of firing Federal Reserve Chairman Jerome Powell.</p>.<p>The dive also came after Treasury Secretary Steven Mnuchin's efforts to reassure investors fell flat.</p>.<p>Mnuchin was widely panned by market watchers over a phone call with the six biggest US banks, reporting on Twitter that the six CEOs have "ample liquidity" available.</p>.<p>The move "prompted worries in the market," Toshiyuki Kanayama, senior market analyst at Monex, said in a note.</p>.<p>Automakers were among losers, with Toyota dropping 5.31 percent to 5,075 yen, Honda down 5.20 percent at 2,769.3 yen and Nissan off 5.00 percent at 838.7 yen at the break.</p>.<p>Sony was down 5.18 percent at 5,021 yen and Panasonic was down 5.17 percent at 923.8 yen at the break.</p>