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Kyodo economic news summary -3-.

TOKYO, May 13 Kyodo

---------- NTT posts 538.6 bil. yen net profit, largest for Japan firms

TOKYO - Nippon Telegraph and Telephone Corp. reported Wednesday a group net profit of 538.6 billion yen for fiscal 2008, down 15.2 percent from the previous year, but still the largest amount among listed Japanese companies for the year.

It reported an operating profit of 1.11 trillion yen for the year through March 31, down 14.9 percent.

---------- Tokyo stocks rebound on continued economic hopes despite strong yen

TOKYO - Tokyo stocks rebounded slightly Wednesday on continued optimism that recovery from the global downturn may be nearing, as strong domestic-demand shares helped lift the market despite pressure on exporters from a stronger yen.

Expanding gains after a choppy morning session, the 225-issue Nikkei Stock Average rose 41.88 points, or 0.45 percent, to 9,340.49 from Tuesday, when it snapped a five-day rally.

---------- April corporate failures up for 11th month, debt total falls

TOKYO - The number of corporate bankruptcies in Japan rose 9.38 percent in April from a year earlier to 1,329, the 11th straight month of increase, a private credit research agency said Wednesday.

But the debts left by the firms fell 27.31 percent to 521.95 billion yen, sinking below year-before levels for the first time in eight months, Tokyo Shoko Research said.

---------- FY 2008 cellphone sales in Japan see 1st fall in 4 years

TOKYO - Cellphone shipments in Japan in fiscal 2008 dived 30.1 percent from the previous year to 34.64 million units amid the economic downturn, undergoing the first fall in four years, an industry body said Wednesday.

The percentage fall was the sharpest on record since fiscal 1992, when the Japan Electronics and Information Technology Industries Association started compiling relevant data, JEITA said.

---------- Pioneer logs record annual loss in FY 2008 for 5th yr of red ink

TOKYO - Japanese electronics maker Pioneer Corp. said Wednesday it incurred its biggest-ever group net loss of 130.53 billion yen for the 2008 business year ended in March, staying in the red for the fifth consecutive year due to languishing demand for plasma display televisions and a stronger yen.

Looking ahead, the company said it expects to reduce its loss to 83 billion yen in the current business year through aggressive cost-cutting measures including slashing 10,000 jobs and withdrawal from its money-losing flat-panel TV business.

---------- Printing, publishing firms to buy 32% stake in used book seller Bookoff

TOKYO - Dai Nippon Printing Co. and two of its units will join three major publishing firms in acquiring a total of some 32 percent of voting shares in used-book seller Bookoff Corp. from two investment funds on May 20, the firms said Wednesday.

The printing and publishing companies are expected to take advantage of the more than 1,000 Bookoff stores throughout Japan to overcome the current publishing industry slump.

---------- Shinsei Bank falls into red with net loss of 143 bil. yen

TOKYO - Shinsei Bank said Wednesday it fell into the red in fiscal 2008 with a group net loss of 143 billion yen, as losses linked to equity investment and bad loan disposal surged amid the global financial crisis.

Shinsei Bank logged 60.11 billion yen in net profit in fiscal 2007. In the fiscal year ended March 31, its operating revenue grew 1.4 percent from the year earlier to 602 billion yen.
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Publication:Japan Weekly Monitor
Date:May 18, 2009
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