Japanese shares lost ground on Friday after the Bank of Japan cut interest rates by less than the market was anticipating while markets elsewhere in the region were lower as traders cashed in their profits

Japan’s central bank joined other central banks in an attempt to stave off a global recession and lowered interest rates to 0.30 per cent from 0.50 per cent. The market had been widely anticipating a reduction to 0.25 per cent. Stocks were already trading lower as investors took profits from two days of strong gains.