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Kyodo economic news summary -5-.

TOKYO, April 3 Kyodo

---------- Global economy to keep growing despite slowdown: official

TOKYO - The global economy is expected to continue its expansion although the pace of growth will slow due to the U.S. subprime loan crisis and financial market turmoil worldwide, a senior Japanese government official said Thursday.

''We can see that the economies of the United States and other industrialized countries have been slowing, but those of emerging nations have been robust,'' Vice Finance Minister Hiroki Tsuda said. ''Overall, the global economy is expected to keep growing, although the pace of growth will slow.''

---------- Hankyu Hanshin Holdings books 69 billion yen special loss

OSAKA - Railway operator Hankyu Hanshin Holdings Inc. said Thursday it has booked a 69 billion yen special loss and has revised its group net profit estimate for fiscal 2007, which ended Monday, sharply downward to 500 million yen from an earlier projected 35 billion yen.

Although the group operating profit estimate has been revised upward to 88 billion yen from 83 billion yen, the company incurred the special loss following a reappraisal of its land for a planned housing development in Osaka Prefecture, the company said.

---------- Aeon to start tender offer for shares of drugstore chain CFS Friday

TOKYO - Major supermarket chain Aeon Co. said Thursday it will start a tender offer Friday for shares in drugstore chain CFS Corp. to hike its equity stake in CFS to 24.38 percent from the current 15 percent.

After the tender offer through May 8, Aeon will further raise its stake to 33.3 percent by around May 23 by purchasing new shares CFS will issue under a third-party share allotment scheme, the company said.

---------- Kikkoman aims to more than double global soy sauce sales by 2020

TOKYO - Kikkoman Corp. said Thursday it plans to more than double its worldwide sales of soy sauce by 2020 by raising the number of its overseas plants to around 12 from the current six.

The goal is to double the company's global market share to 12 percent by 2020 in terms of sales volume, while capturing world market leadership in sales value, according to the ''Global Vision 2020'' plan unveiled the same day.

---------- Net selling of stocks by nonresidents hits 2nd highest level in March

TOKYO - Net selling of Japanese shares by nonresident investors hit the second highest monthly level in March, testifying to the widespread market view that nonresident investors were behind plunges in domestic stock prices during the month, according to data released by the Tokyo Stock Exchange on Thursday.

Net selling by nonresident investors hit 1,298.2 billion yen on the Tokyo, Osaka and Nagoya bourses in March, the second highest level after 2,023.2 billion yen in October 1987 when the ''Black Monday'' global stock market meltdown occurred.

---------- Dollar hits new 3-week high in upper 102 yen as credit fears ease

TOKYO - The U.S. dollar rose Thursday in Tokyo, hitting a fresh three-week high in the upper 102 yen level on Japanese equity gains and easing worries over the world credit crisis.

At 5 p.m., the dollar was quoted at 102.66-69 yen against Wednesday's 5 p.m. quotes of 102.30-40 yen in New York and 101.93-95 yen in Tokyo.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Apr 7, 2008
Words:540
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