1. Close up of rising points on electronic trading board
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8. Soft focus on trading board reading +448.61
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Japan's benchmark stock index rose sharply on Wednesday morning following an emergency interest rate cut by the US Federal Reserve on Tuesday.
The benchmark Nikkei index gained 421.27 points, or 3.35 per cent, to end morning trade at 12,994.32 points on the Tokyo Stock Exchange.
Stock prices rebounded as investors welcomed the Fed's larger-than-expected 0.75 percentage point rate cut, which also prompted the dollar's gains against the yen, traders said.
Many investors looked for bargains following sharp losses earlier this week.
The index plunged 752.89 points, or 5.7 per cent on Tuesday over fears about a US recession and a possible global slowdown, closing at 12,573.05, its lowest finish since September 8, 2005.
Japanese Finance Minister Fukushiro Nukaga welcomed Wednesday's stock gains in Tokyo and said that the US Federal Reserve rate cut would help Japanese market recovery.
Banking issues, including Mizuho Financial Group and Mitsubishi UFJ Financial Group Mitsubishi UFJ, as well as blue chips such as Toyota Motor, Canon an TDK, led the morning gains.
The US Federal Reserve's rate cut Tuesday gave Wall Street a partial rebound from a precipitous early decline.
The Dow Jones industrial average, down 465 points shortly after trading began, bounced around throughout the session before closing with a milder drop of 128.11, or 1.06 per cent, at 11,971.19.
Japan's broader Topix index, which includes all shares on the Tokyo exchange's first section, was up 45.27 points, or 3.71
percent, at 1,265.20 points. The Topix had lost 5.7 per cent on Tuesday to 1,219.95.
In currencies, the dollar bought 106.90 yen at late morning in Tokyo, up from 106.48 yen late Tuesday in New York.
The euro rose to 1.4636 from 1.4612 US dollars.
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