Published March 17, 2013
| MarketWatch Pulse
LOS ANGELES – Japanese stocks followed other Asian markets and U.S. index futures sharply lower Monday amid global jitters over Cyprus's plan to impose a levy on bank deposits as part of its bailout program. The Nikkei Stock Average fell 2% to 12,314.66, with the Topix down 1.6%, even as Dow Jones Newswires reported that Cyprus and its prospective international lenders may change the plan to protect small depositors. With the bailout plan causing a run on banks in Cyprus, financials and exporters took an especially heavy hit in Tokyo, with Sony Corp. and Mitsubishi UFJ Financial Group Inc. each down 3%, Tokyo Electron Ltd. falling 3.9%, Toyota Motor Corp. off 2.3%, Mitsubishi Motors Corp. plunging 3.7%, and Dai-ichi Life Insurance Co. losing 3.2%. On the upside, Panasonic Corp. rose 1% after a Nikkei news report said the company was considering closing its plasma-television operations.
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