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MAR 17, 2013 - MarketWatch

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Japan stocks dive on Cyprus deposit-levy plan

LOS ANGELES (MarketWatch) -- 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 ... Read More

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