Tokyo Falls 2; Bridgestone, Toyota Decline

Market Update Analysis:

Tokyo Falls 2%; Bridgestone, Toyota Decline

Author: 123jump.com Staff
123jump.com
Last Update: 4:41 PM EDT May 09 2008

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Nikkei 225 index in Tokyo trading fell 2.1% after weak earnings from Bridgestone and weaker outlook from Olympus and Toyota rattled investors. Toyota lowered its net sales and income for the current fiscal year. Bridgestone reported 1% decline in profit. Takeda Pharmaceuticals and Olympus lowered its outlook for the current fiscal year. In stock trading, utilities declined on record crude oil prices. Yokogawa Electric plunged 10% and led decliners in the index.

KDDI forecasts a record profit this year as it focuses on the ``au'''' service and promotes new semiconductors and software that will help cut handset cost.

Takeda profits forecasted to drop 55%

Takeda Pharmaceutical Co. said in a statement to the Tokyo Stock Exchange that it expects profit will decline this year by 55%. The profit decline was attributable to its April $8.8 billion acquisition of Millennium Pharmaceutical Inc. In addition, the company forecasted net income for the year ended March 31 of 160 billion yen.

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