Asian markets mixed after Japan rate cut

Hong Kong: Asian stocks were mixed on Friday after Japan slashed interest rates to almost zero to battle the global financial crisis.

The Bank of Japan lowered its key rate from 0.3 per cent to 0.1 percent after a near-unanimous vote by its policy board announced in the afternoon.

The Philippine central bank also cut its key interest rate by half a percentage point
On Friday.

Tokyo's 225 stock average dropped 78.71 points, or 0.9 per cent, to 8,588.52.

Hong Kong's Hang Seng Index lost 2.4 per cent to 15,127.51 even as Beijing said on Friday it would help the territory keep its economy stable amid the global financial crisis.

Markets in mainland China, South Korea and Australia traded higher but none posted gains of more than 1 per cent.

PetroChina, Asia's largest oil and gas producer, shed 3.3 per cent in Hong Kong trade.
.