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Nikkei tests 15-year low
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February 28, 2001: 6:06 a.m. ET
Techs spill in Japan after Nasdaq slides again; BoJ cuts interest rates
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LONDON (CNN) - Asia's leading markets stumbled on Wednesday, with Tokyo's Nikkei touching a 15-year low in mid-session in the wake of a new Nasdaq slide.
The blue-chip Nikkei average fell 176.32 points, or 1.4 percent, to close at 12,883.54, after touching an intra-session low of 12,784.17, its lowest level since December 1985.
Investors dumped bellwether techs such as Sony, off 1.5 percent, after a 4.4 percent retreat in the tech-heavy Nasdaq composite overnight following weaker-than-expected U.S. consumer confidence data. 
After the market closed, the Bank of Japan lowered its leading overnight lending rate to 0.15 percent, from 0.25 percent, in an effort to prod Japan's sluggish economy. That came in the wake of a report earlier on Wednesday showing lower-than-expected industrial output for January.
Gloom for HSBC
In Hong Kong, the Hang Seng index fell 46.86 points, or 0.3 percent, to close at 14,787.87. Index heavyweight HSBC, the global bank, dipped 2.3 percent in second-day spillover following a weaker-than-expected earnings report late on Monday.
The S&P/ASX index in Sydney closed up 0.7 percent and Singapore's Straits Times index rallied late to end up 0.5 percent with banking issues leading the way higher. Overseas China Banking Corp. rose 2.3 percent.
Among other leading Pacific Rim markets, Seoul's KOSPI index rose 0.1 percent and the Taiwan Weighted index in Taipei slipped 0.7 percent.
In the currency market, the U.S. dollar climbed to ¥117.08, compared to ¥116.12 in late Tokyo trading a day earlier.
Blue-chip tech companies lagged in Tokyo. Internet investor Softbank slipped 2.8 percent, electronics maker and Sony rival Fujitsu dipped 3.4 percent and chip maker NEC retreated 3.2 percent.
Furukawa Electric, Japan's biggest optical fibre maker, plunged 10.3 percent. That came as JDS Uniphase (JDSU: Research, Estimates), the world's biggest fibre-optic component supplier, fell 15 percent after airing its plant to cut 3,000 jobs – 10 percent of its work force – amid slowing demand and rising competition. Furukawa holds a 9.8 percent stake in JDS.
Among the bright spots in Tokyo, Japan Telecom rose 2.2 percent after British-based cell phone carrier Vodafone Group clinched the purchase of another 10-percent stake in Japan's third-largest carrier for $1.35 billion late on Tuesday. Vodafone now has a 25 percent holding in the firm.
Hong Kong property stocks weakened, with Sino Land down 3.1 percent, New World Development falling 4.7 percent and Amoy Properties down 7.5 percent.
Singapore techs were toppled. Chip firm Chartered Semiconductor sank 10.7 percent and contract electronics maker Venture Manufacturing shed 4.3 percent.
Elsewhere across Asia, the KLSE composite index in Malaysia fell 0.3 percent, the PHS composite in Manila slipped 1.2 percent, Jakarta's JSX lost 1.2 percent, Bangkok's SET was down 0.2 percent. The BSE Sensex in Mumbai jumped 4.4 percent following a new Indian budget plan.
-- from staff and wire reports 
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