Tokyo stocks drop on financials, Nippon Steel

[MoneyGuy]

HONG KONG (MarketWatch) -- Japanese stocks fell sharply early Tuesday, with financials such as Mizuho Financial Group declining after a Wall Street sell-off overnight, while Nippon Steel Corp. dropped on reports fire broke out at its Kitakyushu plant. The Nikkei 225 Average shrank 1.5% to 13,156.33 and the broader Topix index tumbled 2.1% to 1,273.93. Australia's S&P/ASX 200 shed 0.5% to 4,897 and New Zealand's NZX 50 index gave up 0.7% to 3,233.74. South Korea's Kospi lost 1.6% at 1,572.32.

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