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Kyodo economic news summary -4-.

TOKYO, Oct. 20 Kyodo

---------- IMF adviser calls for gradual yuan flexibility

TOKYO - China should relax its grip on the yuan, but only gradually, since abrupt changes could spell trouble, the deputy director of the International Monetary Fund (IMF) Research Department said Monday.

''No, we are not arguing for a free-float renminbi (yuan), I think that would be a big mistake in China's circumstances, it doesn't have the infrastructure to deal with that,'' David Robinson said at a seminar on the IMF's latest World Economic Outlook report held in Tokyo.

---------- Tokyo stocks hit 16-month high on earnings optimism, weaker yen

TOKYO - Tokyo stocks hit a 16-month high Monday on buying spurred by expectations of upbeat corporate earnings results later this week and the weakening of the yen against the U.S. dollar, shaking off early losses.

The 225-issue Nikkei Stock Average rose 123.82 points, or 1.12%, to close at 11,161.71, the highest closing since June 12 last year. The broader Tokyo Stock Price Index (TOPIX) of all First Section issues gained 11.00 points, or 1.00%, to 1,105.59, the highest closing since June 6 last year.

---------- Chuo Spring forms 2 Chinese auto parts ventures

TOKYO - Chuo Spring Co., an affiliate of Toyota Motor Corp., said Monday it has established two joint ventures in the Chinese city of Tianjin to supply automobile suspension springs and control cables to Japanese automakers operating in China.

One of them, Tianjin Chuhatsu Fawer Spring Co., has started manufacturing cold-coiled suspension springs, while the other, Tianjin Chuhatsu Huaguan Machinery Co., has begun making control cables such as opener and accelerator cables, the company said.

---------- Snow expects U.S. interest rates to rise soon: Times

LONDON - U.S. Treasury Secretary John Snow expects U.S. interest rates to rise over the next few months, reflecting new-found strength in the country's economy, a British newspaper reported Monday.

''I'd be frustrated and concerned if there were not some upward movement (in rates),'' Snow was quoted as saying by The Times in an interview.
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Publication:Japan Weekly Monitor
Date:Oct 28, 2003
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