Nikkei tumbles as oil selling resumes; cyclical stocks slide
* FOMC, BOJ eyed this week
* Exporters, oil shares, banks fall sharply
* Toshiba falls to 36-year low as selloff continues
By Ayai Tomisawa
TOKYO, Jan 26 (Reuters) - Japan's Nikkei share average tumbled more than 2 percent on Tuesday morning, following Wall Street, as a renewed slump in oil prices unnerved investors and had cyclical stocks retreating after strong gains over the past two days.
The Nikkei dropped 2.1 percent to 16,755.77 in midmorning trade after rising to a one-week high on the previous day.
All of the Topix's 33 subsectors fell, with oil shares underperforming. Inpex Corp dropped 4.1 percent and Japan Petroleum Exploration shed 4.3 percent.
Crude oil prices fell as much as 6.7 percent on concerns of oversupply after news that Iraq's output reached a record last month.
Traders said that investors are focused on the outcome of the U.S. Federal Reserve's two-day meeting starting Tuesday as well as the Bank Of Japan's meeting later in the week. Continuación...