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Key Tokyo stock index falls to a 16-year low

SHARE Key Tokyo stock index falls to a 16-year low

TOKYO — Tokyo's key stock index tumbled Monday to close at its lowest level in more than 16 years on uncertainty over the economy after Prime Minister Junichiro Koizumi's ruling party swept elections. The U.S. dollar rose against the yen.

The benchmark 225-issue Nikkei Stock Average fell 218.81 points, or 1.85 percent, to 11,579.27, sinking to its lowest close since 1985 for the second time in a week. The index fell for a third straight session after a decline of 60.48 points, or 0.51 percent, on Friday.

It was the Nikkei's lowest close since Jan. 7, 1985, when it closed at 11,575.52.

The dollar traded at 124.66 yen by late afternoon, up 0.74 yen from late Friday and above its level of 123.34 yen late Friday in New York.