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Kyodo economic news summary -2-.

TOKYO, Aug. 25 Kyodo

---------- Japan firms to develop Nasiriyah oil field in Iraq: sources

CAIRO - A group of Japanese firms led by Nippon Oil Corp. has agreed in principle with the Iraqi government to obtain the right to develop an oil field in the southern Iraqi city of Nasiriyah, a deal that would be the biggest of its kind for Japanese companies, sources close to the negotiation said Monday.

Meeting the same day in Istanbul, officials from Nippon Oil, Japan's largest oil wholesaler, and the Iraqi delegation, led by Oil Minister Hussain al-Shahristani, signed a memorandum of understanding while agreeing to meet again soon in Baghdad, one of the sources said.

---------- Tokyo stocks fall after Monday's rally, markets await election

TOKYO - Tokyo stocks fell Tuesday morning as investors sold to lock in profits after a strong rally a day earlier, but selling was capped as markets awaited the results of an upcoming election in Japan.

The 225-issue Nikkei Stock Average lost 82.86 points, or 0.78 percent, from Monday to 10,498.19. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 5.02 points, or 0.52 percent, to 965.25.

---------- Key 10-year JGB yield falls on weak Tokyo equities

TOKYO - The yield on the benchmark 10-year Japanese government bond fell Tuesday morning as investors bought safe-haven bonds on declines in the Tokyo equity markets.

The yield on the No. 301, 1.5 percent issue, a key indicator of long-term interest rates, ended morning interdealer trading down 0.005 percentage point from Monday's close to 1.315 percent.

---------- Obama to name Bernanke as Fed chief for 2nd term: WSJ

WASHINGTON - U.S. President Barack Obama plans to reappoint Ben Bernanke as chairman of the Federal Reserve when his first term expires in January, The Wall Street Journal reported Monday.

The decision will be made official Tuesday, the paper said in its online edition.

---------- FamilyMart now has more overseas outlets than domestic stores

TOKYO - Convenience store chain operator FamilyMart Co. now has more overseas outlets than domestic shops as it has aggressively expanded into other Asian markets in view of the saturated domestic market, industry sources said Tuesday.

Since opening its first overseas store in Taiwan in 1988, FamilyMart now operates 7,598 shops outside Japan as of Sunday, exceeding the number of its domestic shops at 7,581, they said.
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Publication:Japan Weekly Monitor
Date:Aug 31, 2009
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