The main gauge on the Tokyo Stock Exchange tumbled below 14,000 for the first time in 22 months Wednesday, dragged down by fears of slowdowns in the U.S. and domestic economies.

The benchmark 225-issue Nikkei Average dropped 217.94 points -- 1.54 percent -- to 13,914.43, its lowest closing level since Feb. 9, 1999. It was the fifth consecutive day of decline.

The broader Tokyo Stock Price Index (Topix) of all first section issues gave up 25.32 points -- 1.93 percent -- to close at 1,289.31, its lowest since March 31, 1999.

Meanwhile, the U.S. dollar hit another 16-month high against the yen Wednesday in Tokyo, topping the high previously marked last week. It hit a top mark of 112.98 yen in late trading in Tokyo, its highest since August last year.

Players were fearful of the bottomless fall on the Tokyo Stock Exchange and the lack of possible support measures the government could take, dealers said.

Sales hit a broad range of issues on the Tokyo market, including pricey high-technology issues, bringing down many market indexes to new lows for the year.

Investors continued to sell many high-tech issues including Sony, Pioneer, Hitachi and NEC. But Sharp, Fujitsu and Mitsubishi Electric bucked the trend.

Softbank and information service provider Trans Cosmos suffered their daily limit losses. Disco, a chipmaking equipment maker, dropped for the fifth straight session.

In the telecom sector, NTT, NTT DoCoMo and NTT Data fell further, while Japan Telecom bounced back and KDDI marked time.