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Nikkei slides on economy and bank woes, Sony up

Sun Mar 1, 2009 9:05pm EST

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(Updates to midmorning)

Stocks  |  Global Markets  |  Japan

TOKYO, March 2 (Reuters) - Japan's Nikkei stock average slid 3.2 percent on Monday, with Mitsubishi UFJ Financial Group (8306.T) and other banks sinking on fears about their U.S. peers, while exporters slipped on worry about the U.S. economy.

But Sony Corp (6758.T) bucked the trend and rose on news that CEO Howard Stringer would double up as president and directly oversee the company's ailing electronics division -- a move that comes about a month after the company warned it would post a record annual operating loss. [ID:nT212310]

The benchmark Nikkei .N225 lost 242.46 points to 7,325.96, while the broader Topix fell 2.5 percent to 738.11. (Reporting by Elaine Lies)

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