The U.S. Federal Reserve cut the benchmark interest rate to 3.5% from 4.25% at an unscheduled meeting yesterday. The emergency rate cut of 0.75% was done in response to the slowing economy and global stock market plunge for two days ending on Tuesday.

It was the first time since 2001 the monetary authorities reduced the interest rate at an unscheduled meeting. The Federal Reserve was scheduled to meet on January 29-30.

Bloomberg news reported today that Obic net income in the nine months to December 31 rose to 8.5 billion yen, while sales jumped 6.5% to 35 billion yen on strong sales of accounting systems that accompanied the change of Japanese standards for booking depreciation and leases.

Of the Nikkei 225 index stocks, Bridgestone Corporation led advancers with a rise of 8.07% followed by rises in Mitsubishi Corp of 6.90%, in Fuji Electric House of 6.78%, in Marubeni Corp of 6.61%, and in Sumitomo Corp of 6.47%.

Mitsubishi Corp rose as metal prices gained. Copper gained 2.2% and zinc climbed 3.6%.

Other commodity stocks gained as well. Nippon Mining House increased 5.42% and Sumitomo Metal Industries soared 2.07%.

Shipping lines also gained on expectations that the aggressive emergency rate cut by the U.S. Federal Reserve will lead to a soft landing of the economy. Mitsui O.S.K. Lines gained 5.66%, Kawasaki Kisen rose 6.17% and Mitsui Engineering & Shipbuilding advanced 4.19%.

Toyota Motor Corporation surged 6.03% and Honda Motor Company increased 3.26%.

Casio Computer led decliners in Nikkei 225 index shares with a drop of 4.72% followed by losses in Clarion Company Limited of 4.10%, in KDDI Corporation of 2.92%, in Secom Company Limited of 2.81%, and in Sony Corporation of 2.74%.

Casio and other exporters fell after the yen strengthened from 106.41 to 106.43 against the dollar.

Takeda Pharmaceutical rose the most in five years after Citigroup raised its recommendation of the stock to “buy” on expectations that earnings will rise in the short to medium term.

The pharmaceutical company is currently seeking regulatory approval from the U.S. Food and Drug Administration on two development drugs with initial trial data are expected in May and June 2008.

Takeda is seeking a drug to replace Actos, which generated 2.86 billion yen in the year ended March 31, 2007. The stock closed up 6.33%.

Nikkei news online reported today that Nippon Yusen and Mitsui O.S.K. Lines will transform their crude oil tankers into iron ore carriers in preparation of a planned implementation of an international ban in using single-hull containers in transporting oil. Nippon Yusen rose 3.99% and Mitsui O.S.K. Lines surged 5.66%