Japan’s benchmark stock index plunged more than 300 points in early trading Friday, following large losses in New York overnight because of concerns over a possible end to interest rate cuts and a slowing U.S. economy.

Shortly after the market opened, the Nikkei 225 index fell 346.70 points, or 2.06 percent. The index later regained some of its early losses, ending the morning trading session at 16,581.27 points, down 289.13 points, or 1.71 percent.

Leading the spiral downward were banking shares. Japanese megabank Mitsubishi UFJ Financial Group fell 4.7 percent to 1,067 yen ($9.28) following a recent revision of its profit outlook on weak domestic lending. Read more

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