Tokyo  - Trading was lower Thursday in Tokyo after the US Federal Reserve dropped its benchmark interest rate by a quarter point to 2 per cent, its lowest level since November 2004.

The Nikkei 225 Stock Average dipped 93.14 points, or 0.67 per cent, to 13,756.85.

The broader Topix index of all first-section issues was also down 12.20 points, or 0.90 per cent, at 1,346.45.

The Federal Reserve's interest rate cut Wednesday from 2.25 per cent to 2 per cent is the seventh rate cut since last September,

On currency markets at 9 am (0000 GMT), the dollar was quoted at 103.91-96 yen, down from Wednesday's 5 pm quote of 104.04-06 yen.

The euro was quoted at 1.5622-27 dollars, up from Wednesday's 5 pm quote of 1,5571-73 dollars, and at 162,37-42 yen, up from 162,01-05 yen. (dpa)