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Kyodo economic news summary -3-.

TOKYO, Jan. 13 Kyodo

---------- Kyocera founder Inamori shows readiness to run Japan Airlines

TOKYO - Kazuo Inamori, honorary chairman and founder of electronics firm Kyocera Corp., said Wednesday he will positively consider assuming the post of chief executive officer at struggling Japan Airlines Corp. if he is asked to do so by the government.

Inamori, 77, was speaking to reporters after holding talks with officials of the Enterprise Turnaround Initiative Corp. of Japan, the government body tasked with turning around the nation's biggest airline, at a Tokyo hotel.

---------- S&P lowers debt rating on JAL to 'CC' for high vulnerability

TOKYO - Standard & Poor's Ratings Services on Wednesday lowered its long-term senior unsecured debt ratings on Japan Airlines Corp. and its wholly owned subsidiary Japan Airlines International Co. to ''CC'' from ''CCC.''

The rating action follows the increased likelihood that JAL's restructuring will be implemented through formal proceedings, the U.S. rating agency said, referring to the government-backed turnaround body which is believed to be planning legal bankruptcy proceedings for the ailing carrier.

---------- Google's departure from China will be huge 'loss': media reports

BEIJING - A Google pullout of China will not just be a big loss to the development of the Internet in the country but also cut into the bottom line of the world's top Internet search engine, local media reports said Wednesday, quoting Chinese industry observers.

The U.S. company said Tuesday in a statement it was prepared to shut down its Chinese search engine, Google.cn, and pull its operations out of China if it could not operate uncensored within the law.

---------- Tokyo stocks fall after China's credit-tightening measures

TOKYO - Tokyo stocks retreated Wednesday, with the key Nikkei index falling more than 1 percent, as investors toned down their enthusiasm about a global economic recovery following the Chinese central bank's credit-tightening measures, which also dragged down other Asian equities.

The 225-issue Nikkei Stock Average lost 144.11 points, or 1.32 percent, from Tuesday to 10,735.03. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 10.11 points, or 1.06 percent, to 944.02.

---------- Key 10-year JGB yield closes lower on global economic worries

TOKYO - The yield on the benchmark 10-year Japanese government bond fell Wednesday as investors fled to safe-haven bonds amid growing concern that the global economy will slow down due to China's credit-tightening measure.

The yield on the No. 305, 1.3 percent issue, a key indicator of long-term interest rates, ended interdealer trading down 0.025 percentage point from Tuesday's close at 1.325 percent.

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Publication:Japan Weekly Monitor
Date:Jan 18, 2010
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