Sunday, March 4, 2012

JAPANESE TRY TO INTERVENE WITH RATE BOOST.(Business)

Byline: Karl Schoenberger Los Angeles Times

Share prices on the Tokyo Stock Exchange continued sliding Tuesday and the yen weakened further against the dollar despite the long-anticipated announcement earlier in the day of a 1-percentage-point hike in the central bank's discount rate.

The Nikkei index came within range of the psychologically important 30,000-point level, shedding 456.05 points to close the day at 30,807.19 - its lowest since the beginning of last year.

The Japanese currency closed at 153.65 yen to the dollar, the weakest exchange rate in three years.

It appeared that stock market investors and currency traders had already …

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