Mid-Cycle Adjustment: Points and Wall Street

mid-cycle adjustment: It slid 10.44 points the previous day, according to The Japan Times. The Tokyo market opened lower in the wake of a continued drop on Wall Street due chiefly to a hawkish comment by U.S. Federal Reserve Chairman Jerome Powell, brokers said. The 225-issue Nikkei average rose 19.46 points, or 0.09 percent, to end at 21,540.99, after dropping 187.78 points on Wednesday. ; The Topix index of all first-section issues closed up 2.21 points, or 0.14 percent, at 1,567.35. At a news conference after the Fed decided to cut its policy interest rates by 0.25 percentage point at a two-day Federal Open Market Committee meeting that ended Wednesday, Powell said the move was a mid-cycle adjustment to policy, ruling out lengthy rate reductions. In the afternoon, players refrained from active purchases in view of falls in Asian markets, including Shanghai, and a lack of powerful incentives, forcing both the Nikkei and Topix indexes into tight ranges around their previous day's closing levels. But the market recouped the initial losses and returned to the sunny side in midmorning thanks to buying prompted by the dollar's appreciation to top 109. (news.financializer.com). As reported in the news.