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Nikkei rises 1.1 percent on Fed rate cut

Last updated: 2008-12-16

Nikkei rises 1.1 percent on Fed rate cut
2008-12-16

Event
Japanese Markets
Category
US Fed Reserve

TOKYO - 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.
But Honda Motor Co (7267.T) 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.

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