Tokyo stocks fall sharply on Monday

Tokyo stocks fell sharply Monday, with the Nikkei Stock Average sliding 161.55 points, or 1.86%, to end the day at 8,508.32, hitting its lowest level since June 8. Re-emerging concerns about the European sovereign debt crisis pushed the euro down to the lower-94 yen level. The dollar also weakened to around 78 yen, prompting investors to sell exporters across the board on concerns about earnings outlooks, according to (Nikkei) website. Anxiety over a global economic slowdown also continued to weigh on investor sentiment. The trading value on the first section of the Tokyo Stock Exchange totaled about 812.6 billion yen on a preliminary basis, falling below the psychologically important 1 trillion yen mark for the fifth straight trading day.