Around the World's Markets: Tokyo

THE NIKKEI fell by 2.45 per cent to close at 14,075.06 after the ruling Liberal Democratic Party (LDP) disappointed investors with its 18 trillion yen (pounds 90 billion) economic package.

The LDP failed to announce cuts in the rate of sales tax, which was raised to 5 per cent back in April 1997. However, it did propose cuts in the rates of income tax and corporation tax.

Russell Jones at Lehman Brothers in Tokyo said: "There is nothing here that we didn't know already."

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