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Kyodo economic news summary -4-.

TOKYO, Nov. 4 Kyodo

---------- N. Korea trade to gain from U.S. terror delisting: N. Korea expert

PYONGYANG - North Korea's removal from a U.S. blacklist of state sponsors of terrorism last month will have a positive impact on the country's trade but will not spell the end of constraints on its international trade, a North Korean academic said Tuesday.

Ri Gi Song, professor at North Korea's Academy of Social Sciences, told Kyodo News in an interview that other international sanctions are still in place and ''there should be no illusions'' about the country's trade environment.

---------- Sompo Japan upgrades interim profit forecast on fewer disasters

TOKYO - Sompo Japan Insurance Inc. said Tuesday it has revised upward its group net profit estimate for the April-September period to 22.7 billion yen from an earlier projected 12.0 billion yen on smaller-than-planned insurance payments on fewer natural disasters than a year earlier.

Sompo Japan also upgraded its consolidated pretax profit for the first half of fiscal 2008 to 37.0 billion yen from 19.0 billion yen on revenues of 917.8 billion yen, lowered from 926.0 billion yen.

---------- Daihatsu logs record 1st half earnings on brisk minicar sales

TOKYO - Daihatsu Motor Co., Japan's largest minicar maker, said Tuesday its profits and sales for the April-September period surged to record highs for the sixth consecutive year, as higher gasoline prices boosted demand for fuel-efficient minicars.

The subsidiary of Toyota Motor Corp. raised its group sales forecast for the whole of the current fiscal year ending next March from the originally projected 1.75 trillion yen to 1.78 trillion yen, up 4.5 percent from the previous year.

---------- Japan's tax revenues fall 5.8% in September with corporate tax dive

TOKYO - Japan's tax revenues in September fell 5.8 percent from a year earlier to 2,502.53 billion yen, with a dive in corporate profits amid a global economic slowdown, the Finance Ministry said Tuesday.

Corporate tax revenues plunged 35.6 percent to 172.60 billion yen as worsening economic conditions squeezed the profits of companies, the ministry said.

---------- Fujitsu to buy Siemens' 50% stake in joint venture for 450 mil. euros

TOKYO - Fujitsu Ltd. said Tuesday it has reached an agreement with Siemens AG to buy the German electric and electronics conglomerate's entire stake in their fifty-fifty joint venture, Fujitsu Siemens Computers (Holdings) B.V., for around 450 million euros.

Fujitsu said it will buy Siemens' 50 percent stake and turn the Netherlands-based joint venture into a wholly owned subsidiary in April 2009.

---------- Chinese President to attend Washington financial crisis summit

BEIJING - The Chinese government said Tuesday that President Hu Jintao will attend an international summit in Washington later this month to discuss the global financial crisis.

Foreign Ministry spokesman Qin Gang told reporters Hu had accepted an invitation from U.S. President George W. Bush to attend the meeting.

---------- Key 10-yr JGB yield rises on Nikkei stock index rally

TOKYO - The yield on the benchmark 10-year Japanese government bond rose Tuesday as investors sold bonds in line with a rally by the Nikkei stock index.

In interdealer trading, the yield on the No. 296, 1.5 percent issue gained 0.040 percentage point from Friday's close to 1.505 percent. Tokyo financial markets were closed Monday for a national holiday.

---------- Japan to dispatch 2 officials as PM's envoys to U.S. for summit

TOKYO - The government said Tuesday it will dispatch former vice foreign minister Yoshiji Nogami and former vice finance minister for international affairs Toyoo Gyohten as special envoys of Prime Minister Taro Aso to the United States prior to the Nov. 15 financial summit in Washington.

Chief Cabinet Secretary Takeo Kawamura unveiled the plan at a regular press conference.

---------- Nikkei ends above 9,000 on weaker yen, economy-boosting steps

TOKYO - Tokyo stocks rebounded sharply Tuesday, with the key Nikkei index finishing above the 9,000 mark, as investors were reassured by a weaker yen relative to the U.S. dollar and economy-boosting measures many countries have implemented to shore up the battered global economy.

The 225-issue Nikkei Stock Average gained 537.62 points, or 6.27 percent, from Friday to 9,114.60, finishing in 9,000 territory for the first time since Thursday when it closed at 9,029.76. The Tokyo market was closed Monday for a national holiday.
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Publication:Japan Weekly Monitor
Date:Nov 11, 2008
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