Japan's benchmark Nikkei stock index closed down 5 percent Friday after the central bank's smaller-than-expected cut in its key interest rate, according to AP. The Nikkei 225 index lost 452.78 points to close at 8,576.98 points. The drop comes after the Bank of Japan announced it has reduced the uncollateralized overnight call rate to 0.3 percent, the first cut in more than seven years. The move fell short of the widely expected cut to 0.25 percent.
