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BUSINESS DAILY

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Tokyo stocks down despite interest rate cut

Text by REUTERS

Latest update : 2008-10-31

Tokyo's Nikkei stock index had slipped slightly more than five percent before closing, despite the Bank of Japan's decision earlier in the day to cut interest rates for the first time in seven years.

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.

Date created : 2008-10-31

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