- financial crisis - Japan - markets - Stock Exchange
Tokyo's Nikkei stock index closed down 5.01 percent Friday, despite the first interest rate cut by the Bank of Japan in seven years to support the ailing economy.
The benchmark ended 452.78 points lower at 8,576.98 after a late flurry of selling ahead of a long weekend. The sharp drop came despite the central bank's decision to lower its key lending rate by 20 basis points to 0.3 percent.
Many investors had been hoping for a slightly bigger cut of 25 basis points. Analysts said the move was likely to have a limited impact on Asia's largest economy, which already has very low borrowing costs.