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Japanese shares fall after US rate cut; Nikkei drops 0.6 percent
Published in Saudi Press Agency on 01 - 05 - 2008


Japanese shares fell Thursday as investors
sold banking stocks after the U.S. Federal Reserve cuts its
key interest rate, AP reported.
The benchmark Nikkei 225 Stock Average index shed 83.13
points, or 0.6 percent, to 13,766.86.
«Banks had posted strong gains in the run-up to the FOMC
(Federal Open Market Committee) meeting. But once the
meeting was over, they took a pause,» said Masayoshi
Okamoto, general manager at Jujiya Securities.
The U.S. central bank, as expected, cut its key federal
funds rate by a quarter-point Wednesday, a smaller move
than the aggressive easing it undertook earlier this year.
The Fed action pushed the rate down to 2 percent, the
lowest level since late 2004. It was the seventh rate cut
by the bank since it began easing credit conditions last
September to combat the threat of a recession brought on by
the housing slump and credit crisis.
Sentiment was also sluggish after Japan's central bank
said in a report Wednesday the world's second largest
economy was slowing, with «downside risks» in the U.S.
economy a potential threat to Japan.
The Topix index of all the Tokyo Stock Exchange First
Section issues declined 12.55 points, or 0.9 percent, to
1,346.10.
Shares in banking giant Mitsubishi UFJ Financial fell 3.8
percent to 1,101 yen. Mizuho Financial dropped 5.0 percent
to 513,000 yen.
Real estate giant Mitsubishi Estate lost 5.1 percent to
2,865 yen, and Sumitomo Realty & Development fell 3.7
percent to 2,505 yen.
In currencies, the dollar was quoted at 103.72 yen
midafternoon in Tokyo trade, down from 104.17 yen late
Wednesday in New York. The euro was quoted at US$1.5634,
down from US$1.5642.


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