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Tokyo markets up on increased confidence

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by Elaine Frei

The Tokyo equities markets saw substantial gains on Wednesday, with gains in most sectors. The Nikkei 225 added 2.5 percent to 15,947.87, while the Topix index was 2.7 percent higher to 1,591.04.

The real estate sector was up 2.9 percent as a whole. Mitsui Fudosan gained 2 percent to ¥2,595, while Mitsubishi Estate was 3.4 percent higher to ¥2,465 and Sumitomo Realty & Development added 4.8 percent to ¥3,300.

Another domestically-focused sector, retailers, were up 2.9 percent. Broad-based retailer Seven & I was 3.2 percent higher to ¥3,820, while department store chain Matsuzakaya gained 3.6 percent to ¥751. Isetan added 5.2 percent to ¥1,943. General retailer Aeon was 3.5 percent higher after it said that, due to performance in its supermarkets, it will probably see a 19 percent rise in operating profits when it releases its half-year results.

In the steel sector, JFE gained 2.5 percent to ¥4,570. Nippon Steel, meanwhile, was up 3.5 percent to ¥479.

Consumer electronics were mixed. While Sony was up 3 percent to ¥4,860, Sharp dropped 1.2 percent to ¥2,020 after it announced that it will issue ¥200 billion worth of convertible bonds. The news spurred concerns that share values could be diluted.

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News posted: September 27, 2006

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