Tokyo  - Stocks in Tokyo saw big falls in Friday morning trading after General Electric Co reported an unexpected drop in earnings, shares on Wall Street plunged and finance heads of the Group of Seven leading world economies predicted a further global economic slowdown.

The Nikkei 225 Stock Average lost 373.93 points, or 2.81 per cent, to trade at 12,949.8.

The broader Topix index of all first-section issues was also down sharply by 31.68 points, or 2.48 per cent, at 1,246.94.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 101.10-15 yen, down from Friday's 5 pm quote of 101.80-82 yen.

The euro was quoted at 1.5710-15 dollars, down from Friday's 5 pm quote of 1.5825-27 dollars, and at 158.85-90 yen, down from 161.10-14 yen. (dpa)