TOKYO, March 28 (Xinhua) -- Tokyo stocks extended declines on Friday as concerns over U.S. auto tariffs led to a drop in U.S. stocks overnight, triggering broad-based selling in the Tokyo market.
The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, closed at 37,120.33, down 679.64 points, or 1.8 percent from the previous day.
The Nikkei fell by more than 900 points at one point, briefly dipping below the 37,000 mark for the first time in two weeks before recovering some losses due to bargain hunting and short-covering towards the close.
Auto stocks, including Toyota and Honda, which had already priced in additional U.S. tariffs in the previous session, faced renewed selling after a sharp drop in U.S. auto stocks overnight.
Declines in U.S. semiconductor stocks also pressured Japanese chip-related shares, with Tokyo Electron and Advantest leading losses.
Meanwhile, data on Friday showed that the Consumer Price Index (CPI) for Tokyo's 23 wards in March, excluding fresh food, exceeded market expectations, fueling speculation about an earlier Bank of Japan (BOJ) rate hike and further weighing on stock prices.
The broader Tokyo Stock Price Index (TOPIX) fell for the first time in four sessions, closing down 58.22 points, or 2.07 percent at 2,757.25.
On the Prime Market, declining stocks outnumbered gainers by 1,435 to 150, while 26 stocks remained unchanged. ■
