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Nikkei falls as Japan holds interest rates unchanged Nikkei falls as Japan holds interest rates unchanged
(about 1 hour later)
Japanese shares were down on Thursday as investor hopes for monetary easing from the central bank were dashed. Japanese shares were down on Thursday as investors' hopes for monetary easing from the central bank were dashed.
The Bank of Japan held rates unchanged despite pressure to take further action, after cutting interest rates to negative in January failed to provide a much needed boost for the economy. The Bank of Japan held rates unchanged despite coming under pressure to take further action.
The Nikkei 225 fell by 2.5% to 16,864.82 points. It had cut interest rates to negative in January but this failed to provide a much needed boost for the economy.
Economic data released on Thursday showed a slip back into deflation while industrial production expanded. The Nikkei 225 fell by 2.9% to 16,781.69 points. New economic data also showed a slip back into deflation while industrial production expanded.
In China, the mainland's Shanghai Composite fell 0.7% to 2,933.64 points while Hong Kong's Hang Seng was flat at 21,384.61 . Japan has for years been trying to boost its economy and end a period of stifling deflation.
In Australia, Sydney's ASX/200 rose by 0.4% to 5,206.70. One way to try to achieve this is by monetary policy, which is one of Prime Minister Shinzo Abe's three key "Abenomics" policies to turn around the economy.
But even negative rates - meaning commercial banks will be charged if they deposit money with the central bank - have not trickled down to get banks to lend more and companies and people to invest or spend more.
Inflation is still far off the 2% target.
The BOJ decision to hold rates also sent the yen currency soaring, which is likely to negatively affect the crucial export sector.
The three arrows of "Abenomics":
In China, the mainland's Shanghai Composite fell 1.2% to 2,919.80 points while Hong Kong's Hang Seng was flat at 21,384.61.
In South Korea, the benchmark Kospi index lost 0.6% to 2002.30.In South Korea, the benchmark Kospi index lost 0.6% to 2002.30.
Earlier in the morning, the country's tech giant Samsung reported a 12% rise in operating profit, beating analyst forecasts.Earlier in the morning, the country's tech giant Samsung reported a 12% rise in operating profit, beating analyst forecasts.
In Australia, Sydney's ASX/200 defied the wider trend and rose by 0.6% to 5,218.20.