DAVID HAFFENREFFER, CNN ANCHOR: The Fed chairman's testimony gets under way this morning at about 10:00 a.m. Eastern Time. Let's get a check now on how the Asian markets ended the day.</s>DEBORAH MARCHINI, CNN ANCHOR: Dalton Tanonaka has details now from Hong Kong -- Dalton.</s>DALTON TANONAKA, CNN CORRESPONDENT: Deborah, David, good morning to you. The initial excitement -- you're talking about rate cuts -- over last Friday's rate cut fizzled fast in Tokyo. Traders returned from an extended weekend more focused on a looming supply glut. Japanese companies offload cross-held shares ahead of a fiscal year end next month, the Nikkei this trading day losing 1 percent. Government comments that the economy in Japan is stalling didn't help sentiment at all. Economics Minister Toto Oso (ph) said he expected gross domestic product in the final three months of the fiscal year to be flat. Hong Kong jumped nearly 1 percent, lifted by heavy gains in property stocks. In South Korea, the government managed to sell only 1.1 percent of its shares on offer in Korea Telecom. Hopes were to auction off 14.7 percent of its stake in that state-run company. Analysts say the weak investor response due to shaky market conditions worldwide. The Information Ministry says there will be a second auction for domestic investors, but no date has yet been set. Overseas ownership of Korea Telecom will also be increased to 49 percent. Korea Telecom shares sinking 3 1/4 percent, and that dented sentiment on the main board with the Kospi closing slightly weaker. And that is the trading day here in Asia, David and Deborah. Back to you in New York.</s>MARCHINI: All right, thanks, Dalton.
Rate Cut Excitement Fizzles in Tokyo; Japan's Economic Minister Sees GDP Flat in Final Three Months of Year