Nikkei Plunges 3% as Oil Prices Soar and Bond Yields Rise

Tokyo stocks fell sharply on Friday, with the Nikkei index briefly plunging over 3 percent. The sharp decline came after West Texas Intermediate crude oil futures topped $100 per barrel, and rising bond yields fueled inflation concerns.

The Nikkei Stock Average ended down 1,259.61 points, or 1.93 percent, from Thursday at 64,011.34. The broader Topix index finished 26.28 points, or 0.65 percent, lower at 4,028.30.

On the Prime Market, nonferrous metal, electric appliance, and oil and coal product issues were among the main decliners. The U.S. dollar briefly weakened below the 154 yen line in Tokyo amid uncertainty over the Federal Reserve's rate hike decision.