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Japanese equity markets continue down

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by Brian Turner
Japanese equity markets continue down

The Japanese equities markets were down Wednesday on negative reaction to a number of reports released late on Tuesday.

The Nikkei 225 fell 0.3 percent to 11,120.70 as the Topic fell 0.4 percent to 1,145.30.

Internet company Softbank reported its fourth annual operating loss in a row. Its shares fell 1.95 percent to ¥4,020.

Meanwhile NTT DoCoMo, the largest mobile phone operator in Japan, reported its first decline in operating profits. The news caused its shares to fall 1.2 percent to ¥168,000.

Gamemaker Konami also reported lower profits for 2004-05. The report sent its shares down 1.3 percent to ¥2,260. The reason given for the fall in profits was Japan’s lowering birth rate.

But the biggest loss was incurred by Kanebo, the toiletries and textiles manufacturer beset by an accounting scandal. Kanebo lost 15.3 percent to fall to ¥533 on reports that it might be delisted from the Tokyo Stock Exchange.

On a more positive note, Sumitomo Heavy Industries reported a 40 percent rise in net profits in 2004-05 for a record profit of ¥22.79 billion. This news sent shares in the electrical machinery manufacturer up 3.1 percent to ¥465.

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News posted: May 11, 2005

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