Latest News

Friday, 19th February 2010
In Business In Japan,

Japanese stocks fall on Federal announcement

Shares on the Tokyo stock exchange fell sharply today (February 19th) after an announcement by the Federal Reserve that it is to increase interest rates on emergency bank loans.

The Nikkei 225 Stock Average fell by 212.11 points, a total of 2.1 per cent, and finally closed at 10,123.58.

The Topix Index also fell rapidly, with drops of 15.65 points and a day end of 889.08.

Japan's stock falls mirrored similar activity in the stock market's of other nations, with Hong Kong, Singapore and South Korea also seeing drops.

Shares in Toyota also fell after the firm's president Akio Toyoda was called before US Congress to speak about the ongoing safety problems at the company which have seen millions of cars recalled.

The president will appear before Congress on February 24th and has promised to be frank with his answers about the scandal. Toyota has been strongly criticised over its reaction to the problems.

Written by Mark Smith.