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Kyodo economic news summary -2-.

TOKYO, Nov. 25 Kyodo

---------- Japan may conduct coordinated interventions if needed: Hosoda

TOKYO - Chief Cabinet Secretary Hiroyuki Hosoda indicated Thursday that the government will consider seeking coordinated interventions with currency authorities of foreign countries if the yen continues its sharp advance against the U.S. dollar.

''If exchange rates are deemed as not reflecting economic fundamentals accurately, we must consider some actions,'' the top government spokesman told reporters when asked about the possibility of Japan asking for joint interventions with other major countries.

---------- Japan's Oct. trade surplus up 8.8%, exports hitting record

TOKYO - Japan's exports hit an all-time high in October for the second straight month, sending the customs-cleared trade surplus up 8.8 percent to 1,163.7 billion yen, the Finance Ministry said Thursday.

The results underscored the view that China and other Asian markets have become a key driving force behind Japan's economic recovery, analysts said.

---------- Bic Camera searched over failure to pay for overtime

TOKYO - The Tokyo Labor Bureau on Thursday searched the offices of Bic Camera Co. on suspicion that the discount retailer of electronic appliances failed to pay its employees for overtime, labor sources said.

The bureau, a branch of the Ministry of Health, Labor and Welfare, suspects the company based in Tokyo's Toshima Ward failed to pay a total of 2.5 million yen in overtime allowances for floor chiefs at its outlets between November 2002 and September 2003 in violation of the Labor Standards Law, they said.

---------- BOJ's Haru concerned about yen's appreciation

TOKYO - Bank of Japan Policy Board member Hidehiko Haru expressed concern Thursday over the yen's appreciation against the dollar.

''Particular attention needs to be paid to whether the dollar's slide will go on,'' Haru said in a speech in Kumamoto Prefecture.

---------- Tokyo stocks flat in morning, automakers fall on stronger yen

TOKYO - Tokyo stocks were almost flat Thursday morning as selling in auto and other export-oriented issues on a stronger yen was offset by bargain-hunting in select domestic demand-related issues.

The 225-issue Nikkei Stock Average shed 8.10 points, or 0.07 percent, to end the morning at 10,864.23. The broader Tokyo Stock Price Index of all First Section issues on the Tokyo Stock Exchange inched up 0.89 point, or 0.08 percent, to 1,091.82.

---------- Yield on key Japan gov't bond falls below 1.4%

TOKYO - The yield on the key 10-year Japanese government bond fell below 1.400 percent Thursday morning for the first time since late September, on buying spurred by the yen's appreciation.

In interdealer trading, the yield on the key No. 264 10-year, 1.5 issue fell 0.015 percentage point from Wednesday to end the morning at 1.385 percent.
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Publication:Japan Weekly Monitor
Date:Nov 29, 2004
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