Taiwan's central bank said Friday that the U.S. Federal Reserve's raising of discount rates to banks for direct loans the previous day does not represent a change of its stance on monetary policy but that the central bank will closely monitor changes to financial markets. In a statement on the Fed's move, the central bank quoted the Fed as saying that the rate hike does not signal any change in the outlook for the economy or monetary policy and is not expected to lead to tighter financial conditions for households and businesses. The dollar leapt and the euro hit a nine-month low Friday after the Fed move, which came after the U.S. stock market closed. European and Asian shares, as well as U.S. stock futures, also fell. Local fund managers and analysts said the unexpected Fed move might have some impact on Taiwan's stock market when it resumes trading next Monday after the Lunar New Year holiday. Jacky Lu, a fund manager of Allianz Global Investors Taiwan Technology Fund, said that the Fed's rate hike could lead other countries, including Taiwan, to follow suit. However, with the Dow Jones index rising about 300 points and the Nasdaq advancing 90 points during the holiday period, the impact felt by Taiwanese shares should be smaller than that felt by U.S. shares, Lu said. Dah Chang Securities manager Chang Shih-dun said that as the Fed's move came during the Chinese New Year holiday and the Taiwan share market's weighted index experienced a major correction prior to the holiday period, the impact from the Fed's move might be diluted when the Taiwanese bourse reopens. 