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US rate cut sends Tokyo stocks higher

Business Materials 17 December 2008 06:44 (UTC +04:00)

Stocks in Tokyo rose in Wednesday morning trading after the US Federal Reserve cut interest rates to a record low, but a strengthening yen moderated the gains, dpa reported.

The benchmark Nikkei 225 Stock Average was up 91.14 points, or 1.06 per cent, at 8,659.16.

The broader Topix index of all first-section issues also rose 7.51 points, or 0.91 per cent, to 836.13.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 88.73-78 yen, dipping from Tuesday's 5 pm quote of 90.29-30 yen.

The euro was quoted at 1.4060-65 dollars, up sharply from 1.3705-07 dollars late Tuesday, and at 124.80-85 yen, up from 123.75-79 yen.

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