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Kyodo economic news summary -4-.

TOKYO, Sept. 10 Kyodo

---------- Tokyo stocks surge on strong rebound in bank shares

TOKYO - Tokyo stocks surged Thursday as banking and other financial shares rebounded from a recent decline on strong buybacks, while hi-techs and exporters were buoyed by upbeat performances in global equities.

The 225-issue Nikkei Stock Average gained 201.53 points, or 1.95 percent, from Wednesday to 10,513.67, the highest close since Sept. 1, when it logged 10,530.06. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 18.65 points, or 1.98 percent, to 958.49.

---------- Key 10-year JGB yield falls on record low machinery orders

TOKYO - The yield on the benchmark 10-year Japanese government bond fell slightly Thursday as investors turned to the safe-haven asset after core machinery orders contracted to the lowest level on record in July.

The yield of the No. 303, 1.4 percent issue, a key indicator of long-term interest rates, ended interdealer trading down 0.005 point from Wednesday's close to 1.320 percent.

---------- Sumitomo Mitsui, Daiwa announce end of brokerage venture

TOKYO - Sumitomo Mitsui Financial Group Inc. and Daiwa Securities Group Inc. on Thursday officially announced the termination of their capital tie-up for Daiwa Securities SMBC Co., ending their 10-year brokerage joint venture.

The decision follows SMFG's agreement in May to buy Nikko Cordial Securities Inc. from Citigroup Inc. of the United States. The move is widely seen as having widened the differences in business strategies of SMFG and Daiwa Securities Group.

---------- Toshiba unit in talks to acquire British uranium-processing concern

TOKYO - Westinghouse Electric Co., a U.S. subsidiary of Toshiba Corp., has begun talks to take over the uranium processing operations of Britain's Nuclear Decommissioning Authority, the Japanese parent firm said Thursday.

The U.S. company's bid for Springfields Fuel Ltd. is part of the Toshiba group's ongoing effort to offer integrated nuclear power generation services ranging from fuel sales to power plant construction and plant servicing, Toshiba said.

---------- Bank of Yokohama to open branch in Shanghai

TOKYO - The Bank of Yokohama said Thursday it will open a branch in Shanghai on Nov. 4 as its first overseas branch since the bank closed all of its four branches abroad in fiscal 1998.

The Yokohama, Kanagawa Prefecture-based regional bank obtained approval by the Chinese and Japanese financial authorities for the new branch to provide financial services directly to its customers in the fast-growing country, it said.

---------- Chevron Australia signs A$70 bil. LNG export deal to Japan

SYDNEY - The Australian subsidiary of energy giant Chevron Corp. has secured two deals to export up to A$70 billion (US$60 billion) worth of liquid natural gas to Japan for the next 25 years, Prime Minister Kevin Rudd told Parliament on Thursday.

Chevron will export LNG to Japan from the Gorgon Project off the northwest coast of Western Australia, the site of Australia's largest known gas reserves.

---------- National Personnel Authority head to quit

TOKYO - National Personnel Authority President Masahito Tani submitted a letter of resignation Aug. 11, the authority said Thursday.

Tani intends to quit as wage reforms concerning state government employees have made headway and the authority has submitted this year's salary and bonus recommendations for the employees, it said.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Sep 16, 2009
Previous Article:REFILING: LEAD: Sumitomo Mitsui, Daiwa announce end of brokerage venture.
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