Asia Stocks Edge Up

Aussie rate cut spurs recovery in some markets, Nikkei down to 5-year-low
By Rob Quinn,  Newser Staff
Posted Oct 7, 2008 4:58 AM CDT
A pedestrian with an economy magazine checks share prices indicated on a Tokyo brokerage's electronic board today as Japanese shares dropped to the lowest in almost five years.    (AP Photo/Koji Sasahara)
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(Newser) – Asian stocks outside Japan made a modest recovery from yesterday's plunge after Australia slashed its interest rate a full percentage point to 6%, Reuters reports. Indexes in South Korea, Taiwan and Singapore all edged up slightly. In Japan, the Nikkei was down 3% to a 5-year low after the Bank of Japan announced it would keep interest rates unchanged.