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Kyodo economic news summary -4-.

TOKYO, Aug. 21 Kyodo

---------- Dainippon Sumitomo settles lawsuits with Pfizer

TOKYO - Dainippon Sumitomo Pharma Co. and its parent firm Sumitomo Chemical Co. said Monday they have settled the lawsuits filed by Pfizer Ltd. and Pfizer Corp. in Japan and Britain over alleged patent infringement.

The two sides decided to end their legal fight with the Pfizer group, agreeing that it will sign a new license contract for its drug Amlodin and that no monetary settlement shall be made by any party concerned, Dainippon and Sumitomo Chemical said.

---------- NEC, Matsushita, Texas Instruments tie up on mobile phones

TOKYO - NEC Corp., Matsushita Electric Industrial Co. and Texas Instruments Inc. said Monday they have set up a joint venture to develop key mobile phone components in Yokosuka, Kanagawa Prefecture.

NEC, NEC Electronics Corp., Matsushita Electric, Panasonic Mobile Communications Co. and the U.S. firm have invested a total of 12 billion yen in the new firm, Adcore-Tech Co., with about 180 employees.

---------- S.E. Asia sees jump in FDI, rising trend expected

KUALA LUMPUR - Foreign direct investment in Southeast Asia jumped 48 percent in 2005 to $38 billion and is set to keep growing, Malaysian International Trade and Industry Minister Rafidah Aziz said Monday.

The preliminary FDI figure for the first quarter of 2006 also indicated a substantial increase of about 90 percent on the year to

$14 billion, she told reporters after chairing the ASEAN investment council meeting.

---------- Convenience store sales in Japan drop 5.2% in July

TOKYO - Sales at convenience stores in Japan dropped 5.2 percent in July from a year earlier on a same-store basis to 587.6 billion yen, falling for the first time in two months, an industry body said Monday.

The number of shoppers fell 4.1 percent to 109.89 million for the fifth straight month of decline, and per-shopper expenditures also dropped for the first time in two months, down 2.2 percent to 562.4 yen per visit, according to the Japan Franchise Association.

---------- Tokyo stocks drop on profit-taking, sending Nikkei below 16,000

TOKYO - Tokyo stocks dropped Monday, dragging down the benchmark Nikkei below the key 16,000 line for the first time in four trading days, as investors took profits from recent sharp gains in the wake of a rate hike by China's central bank and higher oil prices.

The 225-issue Nikkei Stock Average fell 136.94 points, or 0.85 percent, to end at 15,969.04. The Tokyo Stock Price Index of all First Section issues on the Tokyo Stock Exchange declined 17.24 points, or 1.05 percent, to 1,624.21.

---------- Dollar falls to lower 115 yen in Tokyo as euro hits record high

TOKYO - The U.S. dollar briefly slipped to the lower 115 yen level Monday in Tokyo on disappointing economic data, while the euro hit a fresh record high against the yen on continued expectations the European Central Bank will keep raising interest rates.

At 5 p.m., the dollar was quoted at 115.50-53 yen, compared with its 5 p.m. Friday quotes of 115.75-85 yen in New York and 116.02-05 yen in Tokyo. It moved between 115.35 yen and 115.82 yen during the day, trading most frequently at 115.79 yen.

---------- Key 10-year Japanese gov't bond yield ends at 1-month low

TOKYO - The yield on the benchmark 10-year Japanese government bond fell to a one-month low Monday due partly to Tokyo stock falls.

In interdealer trading, the yield on the No. 280, 1.9 percent issue lost 0.040 percentage point from Friday's close to end the day at 1.810 percent, the lowest finish since July 20 for a benchmark yield.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Aug 28, 2006
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