Nikkei rises 1.1 percent on Fed rate cut
The Nikkei average rose 1.1 percent on Wednesday, with banking stocks among the biggest gainers after the U.S. Federal Reserve slashed borrowing costs to a record low, prompting a rally on Wall Street, reported Reuters.
But Honda Motor Co (7267.T: Quote, Profile, Research, Stock Buzz) tumbled more than 4 percent on expectations that it will likely issue its third profit warning of the year on Wednesday, after abruptly moving up its year-end news conference by two days. The news conference is now set for 3 p.m. The benchmark Nikkei .N225 added 91.14 points to 8,659.16, after rising over 2 percent earlier. It fell 1.1 percent the previous day.
The broader Topix .TOPX gained 0.9 percent to 836.13.