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May 2, 2005

Tokyo trade slow before Golden Week

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by Brian Turner

Tokyo trade slow before Golden Week

The Tokyo markets showed very little movement on Monday as shares in exporters fell and the yen rose in relation to the dollar on speculation about the possible revaluation of the renminibi in China continued.

While automobile manufacturers were down on the strength of the yen, the technology sector responded favorably to positive news from Matsushita.

Also a factor was the reluctance of investors to trade in advance of the Golden Week holiday period market closures coming up on Tuesday through Thursday.

Honda was down 1 percent to ¥5,040, and Toyota retreated 0.8 percent to ¥3,810. Both are significant exporters.

Matsushita Electric Industrial, which reported a 42 percent rise in operating profits in its quarterly report last Thursday, was up 2.8 percent to ¥1,580. Other companies in the sector rose an average of 0.7 percent.

Another gainer was Excite Japan, an internet media company, which was up 11.6 percent to ¥1.54 million after reports that it plans to launch a music service for mobile phone users.

The Nikkei 225 fell 0.1 percent to 11,002.11, while the Topix rose 0.2 percent to 1,131.80.



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