Wednesday, July 13, 2005

Anticipation for group quarterly results gives way to profit sharing in Tokyo

by Brian Turner

The Tokyo equities markets were lower on Wednesday on profit taking after several up days and in anticipation of a group of quarterly results to be reported next week.

In addition, the Bank of Japan released an assessment indicating that the Japanese economy is continuing its recovery.

Mitsubishi Motors Corp. fell 3.6 percent to ¥134 on the news that its largest shareholder, Phoenix Capital, will sell about one-quarter of its 17 percent share in the company.

JP Morgan will buy and resell the shares. Phoenix made about a 30-35 percent return on the shares in the past year.

The Nikkei 225 lost 0.3 percent to 11,659.84, while the Topix lost 0.03 percent to close at 1,185.7.

Sony was up 0.3 percent to ¥3,950. Canon remained at ¥5,960. Toyota lost 0.2 percent to ¥4,120, while Fujitsu was down 0.3 percent to ¥590.

Auto parts maker Akebono Brake Industry lost 2.4 percent to ¥765 after the news that US parts maker Delphi had sold its 6 percent interest in the Japanese firm.

 

 

 

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