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Kyodo economic news summary -4-.

TOKYO, Sept. 19 Kyodo

---------- Gov't revises upward all 3 key economic indicators for July

TOKYO - The government Wednesday revised upward all three key economic gauges for July as compared with the preliminary readings announced Sept. 7.

The diffusion index of coincident indicators, a measure of the current state of the Japanese economy, was raised to 70.0 percent from a preliminary 66.7 percent because a negative reading for an indicator of overtime working hours turned positive, the Cabinet Office said.

---------- BOJ stays upbeat on economy, indirectly points to weakness in U.S.

TOKYO - The Bank of Japan remained upbeat about the country's economy in its monthly report released Wednesday, saying for the 15th straight month that the economy is ''expanding moderately,'' while indirectly pointing to weakness in the U.S. economy.

''Exports are expected to continue rising against the background of the expansion of overseas economies as a whole,'' the report said, adding the phrase ''as a whole'' to the expression that it had used up to August.

---------- Tokyo stocks post biggest jump in 5-1/2 yrs after rate decisions

TOKYO - Tokyo stocks jumped Wednesday with the benchmark Nikkei index gaining more than 3 percent to hit a two-week high as investors' concerns over turmoil in the global credit markets eased following interest rate decisions by the central banks of the world's two biggest economies.

The 225-issue Nikkei Stock Average soared 579.74 points, or 3.67 percent, to end at 16,381.54, the highest close since Sept. 4. The Nikkei's point gain was the largest in five and a half years.

---------- Margin stock buying in Japan down for 1st time in 2 weeks

TOKYO - Margin buying on Japan's three major stock exchanges fell last week for the first time in two weeks, the Tokyo Stock Exchange said Wednesday.

The combined balance of shares bought on credit as of last Friday came to 3,602.60 billion yen, down 173.53 billion yen from a week earlier, according to data collected at the Tokyo, Osaka and Nagoya bourses.

---------- Toshiba to raise interim dividend payment

TOKYO - Toshiba Corp. said Wednesday it will raise its interim dividend payment for the April-September first half of fiscal 2007 to 6 yen per share from 4.50 yen a year before.

The payment at the end of the year has yet to be determined, the electric machinery maker said.

---------- National average of commercial land prices posts 1st rise in 16 yrs

TOKYO - Average commercial land prices across Japan rose 1.0 percent as of July 1 from a year earlier, the first increase since the bursting of the asset-inflated economic bubble in 1991, according to a government survey released Wednesday.

The price rise was led by an average 10.4 percent increase in commercial areas in three major metropolitan spheres of Tokyo, Osaka and Nagoya, reflecting strong demand for condominiums and office buildings, the Ministry of Land, Infrastructure and Transport said in its annual survey report.

---------- Uncertainty about global economy increasing, BOJ chief says

TOKYO - Bank of Japan Governor Toshihiko Fukui said Wednesday that uncertainty about the global economy is increasing due to the U.S. subprime mortgage crisis, but he remained upbeat on the outlook for the Japanese economy.

''The Japanese economy is expected to remain on a sustained recovery path with price stability,'' Fukui told a news conference following a two-day policy meeting in which he and his eight fellow BOJ policymakers decided to hold the central bank's key short-term interest rate steady at 0.5 percent.

---------- August dept. store sales up 1.4% on heat wave

TOKYO - Sales at department stores in Japan totaled 520.88 billion yen in August, up 1.4 percent for the first year-on-year increase in two months on a same-store basis, due to favorable weather for summer items, an industry body said Wednesday.

The long spell of scorching heat across Japan boosted sales of seasonal products such as hats, sunglasses and sunblock cosmetics, the Japan Department Stores Association said.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Sep 22, 2007
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