Jul 31, 2008 10:17 PM ET
Stocks in Japan traded in a tight range after wages declined for the first time this year in June. Nintendo reported first quarter profit rise of 34% to 107 billion yen and sales increased 24% to 423 billion yen. The company cut its annual earnings outlook by 26% to 325 billion yen. Taked Pharmaceuticals reported first quarter profit decline of 98% and but projected full-year profit rise of 25% to 200 billion yen.
Jul 30, 2008 4:13 PM ET
Stocks in Japan rallied after a fall in crude oil prices in the region, a sharp rise in Matsushita earnings and expectations of better economic conditions in the U.S. June industrial production in Japan fell 2%. In earnings news, Matsushita earnings in the first quarter rose 86% to 73 billion yen. Nidec, precision motor maker reported 36% rise in net income to 15 billion yen.
Jul 29, 2008 4:03 PM ET
Stocks in Japan fell sharply after June unemployment rose to 4.1% and retail sales in the month edged up only 0.3%. The weak employment and retail sales data dragged market averages lower. In addition, Sony first quarter net income fell 47% to 35 billion yen and Kansai Electric estimated full-year loss of 55 billion yen. Nomura Holdings in the first quarter lost 76.6 billion yen after it set aside 63.1 billion yen.
Jul 28, 2008 4:58 PM ET
Stocks in Japan edged higher on a rise in commodities related stocks. Yahoo Japan reported 18% rise in earnings and gained 4% in trading. Honda lowered its earnings outlook on higher raw materials costs and Toyota Motor Corp lowered its annual sales outlook by 3.6% to 9.85 million units and production estimate by 4.5% to 9.5 million vehicles. Tokyo Electric Power estimated annual loss of 280 billion yen and increase rates by 12%.
Jul 22, 2008 7:25 PM ET
Japan stock indexes, a day after closure of markets, rose catching up with global markets rise in the U.S. and in the region. Financials rallied, despite continued string of losses at U.S. banks. However, lower than expected losses at banks bolstered enthusiasm for financial stocks. Tech stocks fell after weaker than expected earnings outlook at Texas Instruments and Apple Inc.
Jul 18, 2008 7:20 PM ET
Stocks in Japan fell on Friday and dropped 1.8% for the week. The fourth monthly declined was led by persistent weakness in financials, exporters and energy related stocks. Japan estimates its primary budget deficit to rise to 4 trillion by the end of fiscal 2011 from the previous estimate of 700 billion yen. Fall in crude oil futures for the third day in a row prompted a rise in chemical and tire manufacturers and a drops in refiners and oil importing companies.
Jul 16, 2008 5:16 PM EDT
Stocks in Japan traded in a listless fashion but the broader Topix index declined for the fourth day in a row. Tech stocks rose after Intel reported 25% rise in earnings and lifted its sales guidance. Inpex, the largest refiner fell after crude oil futures prices declined in the region. Realty stocks fell. Sumitomo Mitsui Financial Group has already suffered loss of more than $700 million in its investment in pending Barclays Plc public offering at a fixed price.
Jul 15, 2008 5:53 PM EDT
The Bank of Japan left its key rate unchanged at 0.5%. The central bank cited rising inflation pressure and weak economy. Financial institutions in Japan estimated exposure to debt issued by Fannie and Freddie of $44 billion. Sumitomo Realty led the decliners in Nikkei 225 index with a loss of 6.5% followed by declines in Sumitomo Mitsui, Tokyu Land Corp, and Mitsubishi UFJ Financial Group.
Jul 15, 2008 5:52 PM EDT
Unhappy investors are increasingly distrustful of the U.S. government bailout plan of Fannie and Freddie that includes bond holders and excludes stock holders. Fannie and Freddie dipped to another low with a loss of more than 20% today and dragged stocks of banks and financial companies. Citigroup, SunTrust, Wachovia and Bank of America declined to their new lows not seen at least in the last ten years. General Motors cut its dividend.
Jul 11, 2008 6:45 PM EDT
Stocks in Japan continue to decline as investors worry that the growing crisis in the U.S. financial system may dampen exports. The ongoing credit market crisis in the U.S. may require bailout of the two mortgage agencies Fannie Mae and Freddie Mac. The two mortgage lenders collectively hold $5.2 trillion in debt and the U.S. government debt totals $9.3 trillion. Exporters, banks, realtors and retailers closed lower. J Front Retailing fell 5% after it forecasted annual income rise of 19%.