Tokyo - Japan's benchmark Nikkei 225 Stock Average was sharply lower in morning trading Tuesday, dropping below the significant 8,000 mark as the Tokyo market followed the lead of Wall Street's steep decline and the overnight. The Nikkei fell 533.53 points, or 6.35 per cent, to 7863.69 points. The broader Topix index of all first-section issues lost 40.35 points, or 4.88 per cent, to 787.12 points.
Responding to the global financial crisis the Japanese central bank on Tuesday decided on emergency measures to support Japanese companies facing problems amid the banking sector's hesitation to extend lending.
The central bank's eight-member Policy Board agreed in an extraordinary session on a set of policies aimed at encouraging banks to offer loans especially to smaller businesses worst hit by the crisis.
The board also decided to leave the short-term interest rate unchanged at 0.3 percent.
On currency markets at midday (0300 GMT), the dollar and euro were weaker against the yen, with the dollar quoted at 93,55-60 Yen, compared to 95,05-08 Yen from Friday's 5 pm quote.
The euro was quoted at 1.2625-30 dollar, compared to Thursday's 5 pm quote of 1.2682-85 dollars, and at 118.11-16, sharply down from 120.57-61 yen.
