(fxcue news) - The Japanese stock market has finished lower in four straight sessions, declining almost 780 points or 2 percent in that span. The Nikkei 225 now rests just above the 39,080-point plateau and it's likely in store for more heavy selling on Thursday. The global forecast for the Asian markets suggests major consolidation on the deteriorating outlook for interest rates. The European markets were mixed and flat and the U.S. bourses were sharply lower and the Asian markets figure to follow the latter lead. The Nikkei 225 finished modestly lower on Wednesday as losses from the financial shares and technology stocks were limited by strong gains from the automobile producers. For the day, the index sank 282.97 points or 0.72 percent to finish at the daily low of 39,081.71 after peaking at 39,382.69. Among the actives, Nissan Motor skyrocketed 23.70 percent, while Mazda Motor soared 5.54 percent, Toyota Motor spiked 2.02 percent, Honda Motor plunged 3.04 percent, Softbank Group tanked 4.10 percent, Mitsubishi UFJ Financial shed 0.47 percent, Sumitomo Mitsui Financial lost 0.68 percent, Mitsubishi Electric rose 0.34 percent, Sony Group stumbled 2.63 percent, Panasonic Holdings sank 0.78 percent, Hitachi was down 0.58 percent and Mizuho Financial was unchanged. The lead from Wall Street is brutal as the major averages opened flat on Wednesday and stayed that way for most of the session before plummeting after the FOMC's interest rate statement. The Dow crashed 1,123.03 points or 2.58 percent to finish at 42,326.87, while the NASDAQ tanked 716.37 points or 3.56 percent to close at 19,392.69 and the S&P 500 sank 178.45 points or 2.95 percent to end at 5,872.16. The sell-off on Wall Street came after the Federal Reserve announced its widely expected decision to lower interest rates by a quarter-point but forecast fewer than previously estimated rate cuts next year. With the rate cut almost universally expected, the focus of the announcement was on Fed officials' latest economic projections. The latest projections suggest rates will be in a range of 3.75 to 4.0 percent by the end of 2025 compared to the range of 3.25 to 3.50 percent forecast in September. Assuming the Fed lowers rates by a quarter-point, the projections point to just two rate cuts next year compared to the four previously forecast as Fed officials expect inflation to come in hotter than previously estimated in 2025. Crude oil prices climbed higher on Wednesday, rebounding from recent losses after data showed a drop in crude inventories and an increase in gasoline stockpiles last week. West Texas Intermediate Crude oil futures for January closed up $0.50 or 0.71 percent at $70.58 a barrel. Closer to home, the Bank of Japan will wrap up its monetary policy meeting this morning and then announce its decision on interest rates. The BoJ is widely expected to keep its benchmark lending rate unchanged at 0.25 percent.