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Kyodo economic news summary -2-.

TOKYO, Sept. 12 Kyodo

---------- April-June GDP posts largest contraction in nearly 7 yrs

TOKYO - The Japanese economy shrank an annualized real 3.0 percent in the April-June quarter, revised downward from an initially reported 2.4 percent, to post the largest contraction in nearly seven years, the government said Friday.

It is the first shrinkage in four quarters in terms of gross domestic product and the sharpest annualized fall since a 4.5 percent dip logged in the July-September period of 2001, when the economy was damaged by the collapse of information technology bubble, the Cabinet Office said.

---------- Tokyo stocks rise on Wall Street surge, cheered by Lehman buyout news

TOKYO - Tokyo stocks rose Friday morning, after a steep fall the previous day, as investors took comfort from easing credit fears after news of a potential buyout of beleaguered major U.S. investment bank Lehman Brothers Holdings Inc., which also pushed up stocks on Wall Street overnight.

The 225-issue Nikkei Stock Average gained 128.49 points, or 1.06 percent, from Thursday to 12,230.99. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 12.44 points, or 1.07 percent, to 1,175.16.

---------- Japan to return foreign rice to exporting nations if found inedible

TOKYO - Japan will return imported rice to exporting countries if it is found to be tainted, Agriculture, Forestry and Fisheries Minister Seiichi Ota said Friday.

Ota suggested the policy at a news conference. The move follows recent revelations that a rice product company sold inedible foreign rice, which it bought from the government, for edible use.

---------- Key 10-year JGB yield rises amid tentative mood before Lehman buyout

TOKYO - The yield on the benchmark 10-year Japanese government bond rose Friday morning with investors tentative ahead of possible buyout plans of struggling U.S. investment bank Lehman Brothers Holdings Inc.

In interdealer trading, the yield on the No. 296, 1.5 percent issue rose 0.010 percentage point from Thursday's close to 1.510 percent.

---------- Dollar trades narrowly at lower 107 yen level in Tokyo morning

TOKYO - The U.S. dollar traded narrowly at the lower 107 yen level Friday morning in Tokyo as market participants refrained from aggressive trading due to financial market concerns, despite news reports of a potential buyout of beleaguered Lehman Brothers Holdings Inc.

At noon, the dollar was quoted at 107.20-25 yen, little changed from 107.11-21 yen in New York and 107.20-23 yen in Tokyo at 5 p.m. Thursday.
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Publication:Japan Weekly Monitor
Date:Sep 15, 2008
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