| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
advertisement | ||
Wednesday September 19, 8:59 AMNikkei jumps 3.3 pct on Fed rate cutTOKYO, Sept 19 (Reuters) - Japan's Nikkei average jumped 3.3 percent on Wednesday with shares rising across the board as investors encouraged by the Fed's bold rate cut snatched up financial stocks such as Mitsubishi UFJ Financial Group ."Following the Federal Reserve's bigger-than-expected rate cut, a broad range of stocks are likely to bought up to significantly higher levels," said Yoshinori Nagano, chief strategist at Daiwa Asset Management. The half-percentage point cut in the Fed's benchmark short-term rate, the first in four years, was more aggressive than many investors expected and propelled U.S. stocks to their biggest rise in four years on Tuesday. As of 0043 GMT, the benchmark Nikkei was up 516.51 points at 16,318.31. The broader TOPIX index climbed 3.4 percent to 1,562.33. Bank shares, some of the hardest hit in recent sessions amid concerns about fallout from problems in the U.S. subprime mortgage sector, were among the biggest gainers on the Nikkei. Mitsubishi UFJ jumped 6.1 percent to 1.05 million yen after falling on Tuesday to its lowest in more than 2 years and ending at 0.99 million yen. Mizuho Financial Group Inc climbed 5.6 percent to 639,000 yen. Securities house Nomura Holdings Inc also rebounded, gaining 7 percent to 1,869 yen. Exporters also rose, with Toyota Motor Corp up 3.6 percent at 6,630 yen and Sony Corp advancing 3.6 percent to 5,490 yen. |
|||
|
Copyright © 2005 Reuters Limited. All rights reserved. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of Reuters Limited
|