Hitachi Zosen led decliners in Nikkei 225 stocks with a fall of 9.92% followed by losses in Mitsui Engineering & Shipbuilding of 8.22%, in Nippon Mining House of 7.40%, in Kawasaki Heavy Industries of 6.92%, and in Komatsu Limited of 6.92%.

Hitachi Zosen and other shipbuilders fell after weekend reports the Baltic Dry Index fell the most since 1989 and on news that the economy in Japan is slowing. Mitsui OSK Lines fell 3.72%.

Exporters also plunged heavily as the yen strengthened the most in seven weeks to as high as 107.38 against the dollar yesterday. However, at the close of trade the yen slipped to 107.56 from 107.57.

Canon Incorporated declined 2.11%, Toyota Motor Corporations lost 1.78% and Honda Motor Corporation declined 4.40%.

Bloomberg news reported today that Japan Airlines Corporation plans to forgo raising cash through selling its credit card unit and instead sell 100 billion yen of securities, including preferred shares to banks, petroleum and trading companies.

Japan Airlines is presently in talks with Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo Mitsui and Development Bank of Japan to sell the new securities.

Nippon Oil Corp said today it will be processing less crude oil this month as warmer weather has lowered the demand for kerosene. The company had originally planned to process 30.15 million barrels.



3:00AM New York, 7:00PM Sydney- ASX 200 index declined 0.3%.

ASX 200 index lost 0.3% or 20 to close at 5,960.

The Preliminary market turnover was 1.69 billion shares worth $6.13 billion with 542 shares moving up, 700 moving down, and 342 unchanged.

Centro Properties was the most actively traded stocks with 140.1 million shares worth $87.4 million changing hands.

Centro Properties chief executive Andrew Scott resigned and head of the U.S. shopping mall division, Glenn Rufrano will take over the position. Centro, the second largest Australian mall owner, had financed most of its expansion on credit market. The company accumulated a portfolio of 700 shopping centers in the U.S. and acquired a debt of A$3.9 billion in the process.

The current credit market malaise has choked off Centro from securitizing mortgages and repaying the debt it owes Lenders have extended the deadline to repay the debt by February 15th.

Qantas was fined US$68 million in a Washington court after pleading guilty to charges of playing a part in a conspiracy to fix rates for international air cargo shipments. The airline was given 15 days to pay the fine, which had been agreed to under a plea deal.

JPMorgan Chase & Co raised Australia''s largest steelmaker, BlueScope Steel Ltd''s full-year profit forecast by 10% because of rising prices in Asia.

According to a J P Morgan research report reported by Bloomberg News, BlueScope Steel net income is expected to reach $526 million ($472 million) for the 12 months ending June 30, up from an earlier estimate of $477 million and against last year''s profit of $686 million. BlueScope rose 1% after the release of earnings estimate from JP Morgan.

Mirvac Ltd today disclosed plans to redevelop the town site of 270 hectares in Binningup in Western Australia at a cost of $1 billion. Mirvac said work on the site is expected to commence in 2009, and estimated to complete the project in 20 years. Binningup Beach is located approximately 140km south of Perth.

Rio Tinto Ltd subsidiary Energy Resources of Australia Ltd registered a 14% increase in annual production at its Ranger uranium mine in the Northern Territory.

The company said its production had risen to 5,412 ton of uranium oxide in 2007. During the fourth quarter of 2007, production totaled 1,553 tonnes, up 14% from the third quarter, but was down 7% from the same period in 2006.