JAPAN: Many eyes of the financial world...

JAPAN: Many eyes of the financial world will be watching Japan to see whether it will lower its official discount rate in response to the U.S. Federal Reserve’s decision to cut its key rate. The Fed’s decision Tuesday to lop half a percentage point off its discount rate, to 5.5%, enables Japanese authorities to lift the nation’s slowing economy without weakening the yen and sparking inflation, some analysts say. But Japanese authorities continue to reject U.S. pressure, saying that if Japan eases its credit grip now, it is probable that land prices would start up again. Tokyo has been concerned about the spiraling cost of land in Japan.