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Kyodo economic news summary -2-.

TOKYO, Oct. 20 Kyodo

---------- APEC leaders gather for talks on global trade

BANGKOK - Leaders from the 21 economies of the Asia-Pacific Economic Cooperation (APEC) forum are gathered in Bangkok for two days of annual talks from Monday afternoon that will feature efforts to restore global trade negotiations.

The APEC leaders are expected to take up issues surrounding the World Trade Organization's (WTO) Doha Development Agenda (DDA) in their first informal session scheduled to last about 70 minutes Monday afternoon.

---------- BOJ' Fukui indirectly expresses caution over rising yen

TOKYO - Bank of Japan (BOJ) Governor Toshihiko Fukui said Monday that the central bank will closely watch developments in overseas economies and financial markets, apparently expressing caution over the rising yen.

Fukui also said the BOJ is firmly committed to maintaining its quantitative easing policy until the consumer price index stably logs zero percent or above on a year-on-year basis, a move intended to help ensure the budding economic recovery.

---------- Sony to cut 20,000 jobs, end domestic CRT production

TOKYO - Sony Corp. is set to finalize plans to slash up to 20,000 jobs worldwide and terminate domestic production of cathode-ray tubes (CRTs) for television sets, sources familiar with the move said Monday.

The electronics giant is likely to feature the workforce reduction program in a structural reform package covering the three years through March 2006, which is due to be announced on Oct. 28, the sources said.

---------- Indicted ex-Duskin chairman released on bail

TOKYO - The Tokyo District Court has allowed former Duskin Co. Chairman Koji Chiba, who is standing trial on charges of misappropriating the firm's money, to be released on bail, court officials said.

Chiba, 63, was released Friday immediately after paying 20 million yen, the officials said.

---------- Daiwa House fined for hiding 160 mil. yen in income

OSAKA - The tax authorities have fined Daiwa House Industry Co. for hiding 160 million yen in taxable income over three fiscal years to the end of March 2002, industry sources said Monday.

The Osaka Regional Taxation Bureau ordered the company to pay about 57 million yen in unpaid taxes and a heavy penalty surcharge, the sources said.

---------- Tokyo stocks up on buying of domestic demand-related issues

TOKYO - Stocks rebounded after opening lower Monday morning as buying of domestic demand-related shares offset selling of export-oriented issues due to a firm yen against the U.S. dollar.

The 225-issue Nikkei Stock Average rose 56.33 points, or 0.51%, to end the morning at 11,094.22. The broader Tokyo Stock Price Index (TOPIX) of all First Section issues on the Tokyo Stock Exchange

---------- Cash bonds, futures prices fall in morning deals

TOKYO - Prices of 10-year Japanese government bonds (JGBs) and JGB futures fell Monday morning on selling spurred by rises in Tokyo stocks.

In interdealer trading, the yield on the key No. 254 10-year, 1.4% government bond rose 0.020 percentage point from Friday to 1.445%.
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Publication:Japan Weekly Monitor
Date:Oct 28, 2003
Previous Article:Cash bonds, futures prices fall in morning deals.
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