Tokyo stocks open lower on US interest rate cut

Business Materials 1 May 2008 08:02 (UTC +04:00)

Trading was lower Thursday in Tokyo after the US Federal Reserve dropped its benchmark interest rate by a quarter point to 2 per cent, its lowest level since November 2004, the dpa reported.

The Nikkei 225 Stock Average dipped 93.14 points, or 0.67 per cent, to 13,756.85.

The broader Topix index of all first-section issues was also down 12.20 points, or 0.90 per cent, at 1,346.45.

The Federal Reserve's interest rate cut Wednesday from 2.25 per cent to 2 per cent is the seventh rate cut since last September,

On currency markets at 9 am (0000 GMT), the dollar was quoted at 103.91-96 yen, down from Wednesday's 5 pm quote of 104.04-06 yen.

The euro was quoted at 1.5622-27 dollars, up from Wednesday's 5 pm quote of 1,5571-73 dollars, and at 162,37-42 yen, up from 162,01-05 yen.