Pakistanis angry over detentions in Times Sq. case Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They
AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
Minister seeks closure of anti-Berlusconi websites Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
Navigation
Primary Navigation
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Secondary Navigation
Singapore
Asia Pacific
World
Search
Search:
Japan stocks rise but yen worries limit gains
AP - Wednesday, December 17
TOKYO - Japanese stocks edged higher Wednesday after the U.S. Federal Reserve slashed its key interest rate to historic lows, but gains were limited by renewed concerns about a strengthening yen.
The benchmark Nikkei 225 stock average advanced 44.50 points, or 0.5 percent, to 8,612.52. The broader Topix index added 1.2 percent to 838.46.
Overnight, the Dow Jones industrials surged more than 4 percent following the Fed's decision to reduce its target rate for overnight loans between banks to a range of zero to 0.25 percent and promised to use "all available tools" to heal the U.S. economy.
Tsuyoshi Segawa, a strategist at Shinko Securities, said the Tokyo market was "extremely nervous" despite Wall Street's rally.
"Investors just don't know how much stronger the yen will rise, and those concerns have become very strong in the market," Segawa said.
With U.S. interest rates now lower than Japan's key rate of 0.3 percent, the dollar fell to a 13-year-low of 88.22 yen. It was trading at 88.61 Wednesday afternoon.
The yen's recent climb, which erodes profits made overseas, has been a painful trend for Japanese exporters like Toyota Motor Corp. and Sony Corp.
Among the day's gainers, real estate issues soared on growing expectations that the Bank of Japan will follow the Fed's move with its own interest rate cut Friday. Mitsubishi Estate jumped 10 percent to 1,450 yen, and developer Mitsui Fudosan Co. added 4 percent to 1,342 yen.
Car makers, however, lost traction amid mounting concerns over the slumping global auto market.
Shares of Honda Motor Corp. shed 4.2 percent to 1,891 yen ahead of the president's year-end press conference, which was suddenly moved up two days to Wednesday. The Nikkei financial daily had reported in the morning that Honda would lower its profit forecast, which it did after market close.
Nissan fell 4.1 percent to 302 yen after announcing plans to scale back production by a further 78,000 vehicles and cut 500 temporary workers.
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
Europe shares end lower as BNP weighs on banksReuters - 21 minutes ago
Congress poised to probe Madoff's alleged fraudAP - 22 minutes ago
Oil tumbles despite huge OPEC production cutsAP - 28 minutes ago
GM delays Mich factory that will build Volt engineAP - 33 minutes ago
Russia to stick to power price growth '09-reportsReuters - 36 minutes ago
Most Popular – Business
Viewed
Bush laughs off Iraq flying shoes drama
Arabs hail shoe attack as Bush's farewell gift
Actress Jennifer Aniston appears naked in GQ magazine
Oil falls after brief surge above 50 dollars
Madoff due in court for Wall Street fraud
View Complete List »
Search:
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular