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Kyodo economic news summary -4-.

TOKYO, June 4 Kyodo

---------- April key economic gauge slides, but outlook remains positive

TOKYO - A key gauge for the current state of Japan's economy came to 44.4 percent in April, falling below the boom-or-bust line of 50 percent for the first time in 12 months, the government said Friday, but added it maintains a positive outlook on expected strong industrial production.

The reading of the index of coincident economic indicators followed a revised 50.0 percent in March, the Cabinet Office said in a preliminary report.

---------- NTV failed to declare 250 mil. yen in income

TOKYO - Nippon Television Network Corp. failed to declare about 250 million yen in taxable income in a three-year period up to fiscal 2002 which ended March 31 last year, sources familiar with the case said Friday.

The Tokyo Regional Taxation Bureau is believed to have decided that NTV hid 110 million yen in income, and to have ordered the company to pay about 90 million yen in additional taxes and penalties, the sources said.

---------- Microsoft scraps development of True Fantasy online game for Xbox

TOKYO - U.S. software giant Microsoft Corp. has scrapped the development of True Fantasy Live Online for its Xbox consoles, which was slated for release in Japan during the winter, its Japan unit officials said Friday.

According to Microsoft and developer LEVEL-5 Inc., a Fukuoka-based game software production company, the cancellation was due to a lack of progress in creating a new form of online experience.

---------- Tokyo stocks rise on buying in exporters amid wait-and-see mood

TOKYO - Tokyo stocks rose Friday on late-afternoon buying particularly in export-oriented technology and auto issues following a lackluster trading session as investors opted to make moves after confirming U.S. economic fundamentals.

The 225-issue Nikkei Stock Average advanced 101.00 points, or 0.92 percent, to close at 11,128.05, marking its first rise in three trading sessions.
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Publication:Japan Weekly Monitor
Date:Jun 7, 2004
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