ITC slipped 3.6% to 219.7 rupees and Hindustan Unilever declined 2.2% to 228.8 rupees.


5:00AM New York, 7:00PM Tokyo - Japan’s foreign exchange reserves reaches $973.37 billion.

Stocks in Japan traded in negative territory after Goldman Sachs Group Co lowered Japan’s economic growth estimate for 2008.

In Tokyo trading Nikkei 225 dropped 1.45% or 211.05 to 14,388.11, while the broader Topix Index declined 1.6% or 22.93 to 1,401.36.

In the first section of the Tokyo Stock Exchange 19 billion shares worth 2.4 trillion yen were traded and in the second section 576 million shares valued at 7.9 billion yen changed hands.

Of the Nikkei 225 stocks 142 gained, 177 declined and 6 were unchanged.

Kikkoman Corporation led advancers with a gain of 4.54%, followed by Casio Computer rising 3.88% after Mizuho Securities raised the rating of the stock to “buy” from “neutral”.

Japan’s Cabinet Office said today that the leading index, which gauges how the economic will perform in the next three months, fell to 10.0 in November from 18.2 in October on weak consumer confidence and inventory increases. Of the 10 indicators available for the preliminary reading, one pointed to an expansion while the remaining nine indicated a contraction.

The coincident index, which measures the state of the economy at the time the readings are taken, fell to 33.3 from a revised 70 in October. Furthermore, the lagging index, which reflects economic conditions three months earlier, soared to 75.0 from a revised 60.

Japan’s Ministry of Finance reported today on its web site that the country’s foreign exchange reserves rose to a record $973.37 billion at the end of December.

About $823.53 billion is held in foreign securities, $124.46 billion in foreign currency deposits, and $6.99 billion in foreign central banks.

Gold reserves accounted for $20.58 billion and $1.40 billion was held in International Monetary Fund reserve positions.

Of the Nikkei 225 index shares Kikkoman Corporation led advancers with a rise of 4.54% followed by rises of 3.88% in Casio Computer, of 3.70% in Dainippon Sumitomo Pharmaceutical Company, of 3.37% in Chugai Pharmaceutical Company, and of 3.15% in Takara Holding.

Dainippon Sumitomo Pharmaceutical rose after KBC Securities raised its rating to ‘buy’ from ‘hold’.

Other pharmaceuticals rose as well on speculation that they are insulated from the market turbulence after Goldman Sachs Group Co noted that health care companies have been the best performers in the U.S. Takeda Pharmaceuticals climbed 1.08% on the news.

Casio Computers soared after Mizuho Securities raised its rating to “buy” from “neutral”.

NGK Insulators led decliners of the Nikkei 225 index shares with a fall of 8% followed by losses of 7.40% in Mitsub Rayon Company, of 7.17% in Tokai Carbon Company, of 7.14% in Inpex Holding, and of 5.62% in Mitsubishi Estate Company.

Inpex Holdings dropped after announcing the delay of its proposed Ichthys liquefied natural gas project in Australia saying the project might cost more than initially planned.

Realty stocks fell in Japan after brokerage Credit Suisse Group said U.S. mortgage defaults may prompt overseas investors to sell property holdings in Japan.