The Japan Thread

Last AFX news until the New Year folks

TOKYO (AFX) - Share prices closed narrowly mixed with some market players
cashing in gains after the benchmark Nikkei index climbed above 16,000 points
yesterday for the first time in more than five years, dealers said.
But in the broad market a smattering of bargain hunters stepped to help the
TOPIX index finish slightly higher.
The Nikkei 225 Stock Average finished the day down 16.20 points or 0.1 pct
at 15,941.37, off a low of 15,759.73. Yesterday, the blue-chip index ended at
15,957.57, its strongest close since Oct 6, 2000, after surging briefly to
16,010.17.
But the broader-based TOPIX index of all First Section shares fell 1.51
points or 0.1 to 1,637.89.
Decliners led gainers 920 to 641, with 106 issues unchanged.
Volume fell to 2.50 bln shares from 2.58 bln yesterday.
Shinko Securities senior strategist Yutaka Miura noted that some investors
chose to pocket gains after the Nikkei surged to above 16,000 points yesterday,
a five year high, while others sought to square position ahead of a national
holiday tomorrow.
"It's a tug of war today between investors locking-in recent gains and
those chasing bargains," said Mitsushige Akino, chief portfolio manager at
Ichiyoshi Investment Management.
Succumbing to profit-taking were trading houses, banks, retail operators,
ceramic makers, cement producers and glass manufacturers.
Retailers retreated, paced by Seiyu off 10 yen or 3.0 pct at 323, and
Takashimaya, a major operator of department store chains, down 42 yen or 2.2 pct
at 1,846.
Trading companies fell, with Mitsui & Co, the second-largest, off 38 yen or
2.5 pct at 1,507.
Semiconductors meanwhile posted gains as the yen's recent surge against the
dollar cooled.
"Chipmakers advanced, helped by a pullback in the yen," Akino of Ichiyoshi
Investment said.
Toshiba was up 22 yen or 3.3 pct at 690, and Fujitsu gained 28 yen or 3.3
pct to 885. Fuji Electric Holdings rose 30 yen or 4.8 pct to 653.
Consumer Electronics manufacturers advanced, led by Sanyo Electric, which
jumped 54 yen or 19.1 pct to 337. Sanyo Electric said it will raise 300 bln yen
via the private placement of preference shares with Sumitomo Mitsui Banking
Corp, Goldman Sachs and Daiwa Securities SMBC Principal Investments. Sanyo
Electric Credit also surged 245 yen or 10.4 pct to 2,605.
Sony gained 230 yen or 5.2 pct to 4,630 on a newspaper report a Saudi
Arabian investor may actively invest in the world's second-largest consumer
electric company.
Pioneer gained 52 yen or 3.3 pct to 1,630.
TDK lost 1,000 yen or 10.3 pct to 8,690 after US hard-disk maker Seagate
said it will acquire Maxtor. Dealers said the acquisition raised concerns that
TDK may lose one of its largest clients, Maxtor.
Mazda was up 13 yen or 2.4 pct at 556 after the automaker said its global
production in November rose 4.4 pct year-on-year to 111,559 vehicles.