TOKYO, March 7, 2022 (BSS/AFP) - Tokyo's key Nikkei index dropped three

percent in morning trade Monday on concern over the war in Ukraine and as
crude oil prices neared an all-time high.

  The benchmark Nikkei 225 index tumbled 3.03 percent or 787.97 points to
25,197.50, while the broader Topix index fell 2.91 percent or 53.69 points to
1,791.25.

  In New York, all three major indices finished the week with losses, with
the broad-based S&P 500 ending down 0.8 percent.

  The Dow Jones Industrial Average lost 0.5 percent, while the tech-rich
Nasdaq Composite Index dropped 1.7 percent.

  "Selling will be driven today by caution over the situation in Ukraine,
following reports that the US administration is considering banning imports
of Russian crude oil," Mizuho Securities said.

  It came as Brent oil prices leapt to almost $140 per barrel, the highest
since 2008 and nearing an all-time record.

  On Saturday, card payment giants Visa and Mastercard said they would
suspend operations in Russia, the latest major US firms to join the business
freeze-out of Moscow.

  Masayuki Kubota, chief strategist at Rakuten Securities, warned that
countries imposing sanctions could see economic impacts as well.

  "In particular, the damage to Europe, which has close economic ties with
Russia, will be especially large," he noted.

  The dollar fetched 115.01 yen, up from 114.69 yen in New York on Friday.

  In Tokyo trading, Sony Group fell 0.70 percent to 11,305 yen after
announcing a plan to team up with Honda to start a new company that will
develop and sell electric vehicles. Honda lost 3.32 percent to 3,108 yen.

  Nissan dived 6.51 percent to 463.7 yen while Toyota sank 5.47 percent to
1,860.5 yen.

  Panasonic, which said it would stop exports to Russia citing logistical
hurdles, dropped 4.89 percent to 1,058.5 yen.

  But drugmaker Shionogi jumped 3.13 percent to 7,957 yen after a trial
showed the Covid-19 vaccine it is developing was "not inferior" to Pfizer's
vaccine when administered as a booster to people who received two mRNA
vaccine doses.