Tokyo  - Stocks in Tokyo underwent steep slides in Wednesday morning trading after an overnight fall on Wall Street and a strengthening of the yen.

The Nikkei 225 Stock Average fell 276.88 points, or 2.63 per cent, to 10,253.18.

The broader-based Topix index was also down 21.64 points, or 2.23 per cent, at 947.13.

In the United States Tuesday, stocks fell 2 per cent as financial issues dropped on concerns that bank losses would continue.

On currency markets at 9 am (0000 GMT) in Tokyo, the dollar traded at 92.71-72 yen, down from Tuesday's 5 pm quote of 93.25-28 yen.

The euro traded at 1.4208-10 dollars, down from late Tuesday's quote of 1.4367-70 dollars, and at 131.72-75 yen, down from 134.00-04 yen.

A stronger yen raises the prices of Japanese producers' products sold abroad and lowers their overseas earnings. (dpa)