Nikkei sheds 700 points in early morning

Shares in Tokyo briefly dropped by 700 points on Friday morning on the heels of a broad sell-off in New York.

The benchmark index has dipped below the 26,000 mark for the first time in about a month.

On Wall Street on Thursday, the Dow Jones Industrial Average lost more than 700 points, or 2.4 percent.

Investors are worried that stepped-up monetary tightening by the US Federal Reserve could put a brake on the economic recovery.