The Japan Thread

TOKYO (AFX) - Share prices closed the session firmer, with the benchmark
Nikkei index getting a boost from bargain-hunting, after it had dropped 600
points over the previous three trading days, dealers said.
Analysts noted that investors took heart from foreigners having placed
pre-opening net buy orders for the first time in three trading sessions.
The blue-chip Nikkei 225 Stock Average ended up 218.41 points or 1.4 pct at
15,391.48, its session high.
The broader TOPIX of all First Section shares edged up 8.46 points or 0.5
pct to 1,589.24, also its session high.
Despite gains in the benchmark indices, decliners beat gainers 846 to 723,
with 99 issues unchanged.
Volume declined to 1.73 bln shares from 2.46 bln Friday.
"The Nikkei bounced back on a technical rebound after the blue-chip market
had fallen sharply last week. Some exporters got a lift as the dollar stabilized
above 116 yen," said Koichi Ogawa, chief fund manager at Daiwa SB Investments.
But Shinko Securities senior strategist Yutaka Miura said the market was
illiquid, with fewer investors willing to buy aggressively before the Christmas
holidays.
Among notable gainers were oil refiners, machinery makers, chemical
producers, telecommunications companies, property developers, utilities and auto
makers.
In the real estate sector, Sumitomo Realty jumped 85 yen or 3.9 pct to 2,275
and Mitsui Fudosan added 70 yen or 3.4 pct at 2,150.
Some food and beverage companies surged, with Kirin Brewery up 94 yen or 7.1
pct at 1,412 and Nisshin Oillio up 28 yen or 3.6 pct at 796.
Textiles makers advanced, led by Mitsubishi Rayon, up 43 yen or 5.8 pct at
783, while Toray added 42 yen or 4.7 pct at 934. Kuraray was up 44 yen or 3.6
pct at 1,254.
Nippon Oil gained 22 yen or 2.4 pct to 938 and rival Tonengeneral increased
26 yen or 2.0 pct to 1,299.
Machinery makers leapt, with Minebea surging 26 yen or 4.3 pct to 633 and
Fanuc up 280 yen or 2.9 pct at 9,900.
Another winner was the high-technology sector. TDK edged up 320 yen or 3.5
pct to 9,580. Kyocera was up 200 yen or 2.5 pct at 8,260, while Rohm gained 260
yen or 2.2 pct at 12,260.
Among chip makers, Elpida Memory was up 130 yen or 3.9 pct at 3,190 and NEC
Electronics rose 70 yen or 1.9 pct to 3,660. Yahoo Japan and Softbank gained
after the firms said they have agreed to set up a joint venture to operate
online content services. Softbank surged 870 yen or 8.0 pct to 11,700, while
Yahoo jumped 7,000 yen or 5.0 pct to 146,000.
Honda Motor was up 100 yen or 1.5 pct at 6,670 following a newspaper report
that it is spending some 10 bln yen to set up a plant to produce solar batteries
for household use.