URGENT ¥¥¥ Tokyo stocks dive 2.71% on Cyprus bailout fears

Tokyo stocks tumbled 2.71 percent at the close Monday after the safe-haven yen soared on weekend news that Cyprus plans to tax bank depositors as part of a controversial bailout deal.

The benchmark Nikkei 225 index closed down 340.32 points at 12,220.63 while the Topix index of all first-section issues shed 2.22 percent, or 23.31 points, to 1,028.34.