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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Asia investors watch for rate cut, nudging up stocks AFP - 1 hour 52 minutes ago HONG KONG (AFP) - - Asian stocks saw modest gains on Thursday as investors watched out for interest rate cuts, with Japan looking poised to slash its rate near zero to tackle a sharp economic downturn, dealers said. Tokyo rose 0.64 percent, Hong Kong 0.2 percent and Sydney 0.3 percent. Markets were unmoved by a record 2.2 million barrels per day cut in output by the OPEC oil cartel on Wednesday that was announced as it tries to battle falling prices. The Bank of Japan on Thursday opened a two-day meeting which could cut interest rates down from the already low 0.3 percent. The US Federal Reserve on Tuesday slashed its benchmark rate to virtually zero, sending the dollar plunging against the yen. "If the BoJ does not lower rates it will be a catastrophe. While a rate cut will not bring down the yen that much, the impact will be greater if it fails to do anything," said Societe Generale's forex head Yuji Saito. Japanese officials have hinted at a possible intervention in currency markets. "We think that we need an appropriate and timely response," Chief Cabinet Secretary Takeo Kawamura told a news conference. The dollar was trading Thursday in the 87 yen range, the Japanese currency's strongest level in 13 years. "The downward pressure on the dollar/yen won't ease unless a forex intervention is undertaken," Takero Inaizumi, head of the equities department of Mizuho Investors Securities, told Dow Jones Newswires. In Shanghai, market speculation that Beijing may cut interest rates and reduce banks' reserve requirement ratio in the near term triggered a late rally in financial firms, dealers said. "Sentiment improved in the afternoon session amid market talk about an aggressive cut in the interest rate or bank reserve ratio to increase money supply," said Wang Xiaoli, an analyst at Orient Securities. In Mumbai, Indian shares closed near a five-week high above the key 10,000 points level on hopes that India's central bank could cut rates as annual inflation eased to a nine-month low, dealers said. Caution reined elsewhere. "We're not seeing much action in the market" in the Philippines, where stocks were down 0.17 percent, Lawrence de Leon of Accord Capital Equities said. "Investors know the global economy is still in trouble." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business India's new oil subsidy plan by mid-Jan - sourcesReuters - 20 minutes ago Euro zone imports and exports fall, outlook grimReuters - 24 minutes ago Jobless claims expected to stay near 26-year highAP - 25 minutes ago Energy, bank stocks lead European shares lowerReuters - 26 minutes ago Turkish lira gains 2 pct, rate cut eyedReuters - 31 minutes ago Enlarge Photo Asia investors watch for rate cut, nudging up stocks Most Popular – Business Viewed 'Dark energy' expands, contracts universe: researchers Actress Jennifer Aniston appears naked in GQ magazine Bush laughs off Iraq flying shoes drama US doctors hail near-total face transplant Dollar dives to 13-year low against yen after Fed cut View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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