Tokyo Stocks Down Sharply

Tokyo stocks were sharply lower at midday today, with the Nikkei average close to breaking through its 1990 low of 23,405.71.

The index lost 932.53 points, or 3.8%, to 23,433.07 by midday, after falling 531.86 on Monday.

Prices were weighed down by Monday’s jump in oil prices and by talk of declining real estate values in Tokyo. There were rumors of new government regulation of real estate deals.