Around the World's Markets: Tokyo

THE NIKKEI 225 average closed slightly down at 16.378.62. The 0.26 per cent fall resulted from caution ahead of Japanese companies' results announcements and the US Federal Reserve's decision on interest rates.

Traders highlighted the dependency on US demand of Japan's major export firms, but remained sanguine about any nasty surprises on interest rates. "If there is a move to tightening it will probably be offset in Tokyo by a weaker yen," said one.