A woman wearing a protective mask walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm on Sept. 29, 2021, in Tokyo. (AP Photo/Eugene Hoshiko)

       TOKYO (Kyodo) -- Tokyo stocks plunged Wednesday morning as a wide range of issues met selling after sentiment was hurt by overnight declines on Wall Street led by large technology companies.

       The 225-issue Nikkei Stock Average sank 741.82 points, or 2.46 percent, from Tuesday to 29,442,14. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 50.03 points, or 2.40 percent, at 2,031.74.

       Every industry category lost ground, except for air and marine transportations issues. Major decliners were led by precision instrument and electric appliance issues.

       The U.S. dollar briefly edged up to the upper 111 yen range, its highest level since March last year, as the unit was bought after overnight advances in U.S. Treasury yields fueled expectations of a wider interest rate gap between the United States and Japan, dealers said.

       The 10-year U.S. Treasury yield rose overnight to 1.56 percent at one point, its highest level since mid-June.

       At noon, the dollar fetched 111.42-43 yen compared with 111.46-56 yen in New York and 111.24-25 yen in Tokyo at 5 p.m. Tuesday.

       The euro was quoted at $1.1686-1686 and 130.20-24 yen against $1.1678-1688 and 130.20-30 yen in New York and $1.1686-1688 and 130.00-04 yen in Tokyo late Tuesday afternoon.

       Shares tumbled from the outset, tracking overnight falls on Wall Street that were triggered by recent rapid inflation -- partly caused by supply bottlenecks -- as well as by rises in U.S. Treasury yields, brokers said. Higher bond yields make riskier stocks less attractive.

       The Nikkei briefly declined more than 800 points, the largest point loss in about three months.

       The negative mood was inherited in Tokyo and prompted selling "since a sense of overheating has smoldered in the Japanese market after rising at a quick pace recently," said Toshikazu Horiuchi, an equity strategist at IwaiCosmo Securities.

       The weaker yen against the dollar was "not bad" for exporters but some market participants were worried over its impact in raising prices of imported goods, Horiuchi said.

       Investors were focused on the outcome of the Japanese ruling party leadership election, which will effectively decide Japan's next prime minister, brokers said.

       On the First Section, declining issues outnumbered advancers 1,899 to 213, while 42 ended the morning unchanged.

       Major electric appliance companies fell. Sony Group tanked 565 yen, or 4.4 percent, to 12,355 yen, Panasonic skidded 48.50 yen, or 3.4 percent, to 1,394.50 yen and Toshiba sagged 125 yen, or 2.6 percent, to 4,765 yen.

       Bucking the downward trend, online travel agency AirTrip surged 210 yen, or 5.9 percent, to 3,760 yen on expectations for a recovery in travel demand a day after the government decided to lift the coronavirus state of emergency covering Tokyo and 18 other prefectures on Thursday.

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