Thursday, June 26, 2008

Japanese Shares Slip for 6th Day

Just in case you had forgotten that the financial crisis in the United States is also worldwide.

Japanese stocks edged down Thursday, extending losses for a sixth day as investors traded with caution following the Federal Reserve's mixed assessment of the U.S. economy.

The benchmark Nikkei 225 index slipped 7.6 points, or 0.05 percent, to 13,822.32.

"Sentiment was sluggish as the Fed's statement on the state of the U.S. economy was ambiguous," said Kazuki Miyazawa, market analyst at Daiwa Securities SMBC Co. Ltd.

On Wednesday, the U.S. central bank said after a two-day meeting it was keeping its benchmark federal funds rate at 2 percent in a widely expected move.

The Fed also issued a mixed assessment of the world's largest economy. It said there were a few positive economic signs, including "some firming in household spending," but argued rising energy prices were likely to limit growth.

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