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Tuesday 02nd of December 2008
November 16, 2006

Tokyo markets decline on interest rate decision


by Elaine Frei

The Tokyo equities markets were lower on Thursday after the Bank of Japan chose to maintain interest rates at their current level. The Nikkei 225 dropped. 0.5 percent to 16,163.87, while the Topix index was 0.6 percent lower to 1,582.04. Declines came in both domestic and export-focused sectors.

Real estate was one exception to the declines on the day, as the sector as a whole gained 0.3 percent on the expectation that land prices will soon emerge from deflation nationwide. In the oil sector, Inpex added 1.9 percent to ¥968,000 on an upgrade of its full year expectations for recurring profits.

The second-largest advertising company in Japan, Hakuhodo, added 4.9 percent to ¥7,010 on an upgrade from “neutral” to “outperform” from Credit Suisse, citing the company’s apparent undervaluation.

Nissin Food gained 5.5 percent to ¥3,630 on an increased recommendation from Merrill Lynch, from “sell” to “buy”, after the instant noodle maker bid for Myojo Foods. Myojo gained 2.6 percent to ¥883.

Among losers, the insurance sector dropped 1.9 percent as a whole, with general insurer Sompo Japan 1.6 percent lower to ¥1,411. Also declining was the transport equipment sector, which fell 1 percent. Toyota dropped 0.8 percent to ¥7,230.

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