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Kyodo economic news summary -5-.

TOKYO, Oct. 16 Kyodo

---------- Global PC shipments grow 15.7% in July-Sept.

NEW YORK - Worldwide shipments of personal computers (PCs) totaled 38.4 million units in the July-September period, up 15.7% from a year earlier for the fifth straight quarter of growth, as notebook PCs continued to drive demand, International Data Corp. (IDC) said Wednesday.

Shipments in the United States and Europe increased by 16.1% and 17.5%, respectively, helping global growth beat earlier projections of 10.4%, the U.S. high-technology market research concern said.

---------- Nissan forecasts lower group net profit for 1st half

TOKYO - Nissan Motor Co. said Thursday it expects a lower group net profit for the April-September first half of the current business year while pretax profit and sales are projected to have risen.

Nissan estimates a group net profit of 237.7 billion yen for the six months, down from 287.7 billion yen a year earlier. Pretax profit is estimated at 390.3 billion yen, up from 323.5 billion yen, on sales of 3,556.2 billion yen against 3,285.5 billion yen a year earlier.

---------- Fast Retailing reports double-digit profits, sales falls

TOKYO - Fast Retailing Co., operator of Uniqlo casual clothing stores, said Thursday it incurred double-digit falls in both sales and profits in its business year ended in August as a result of sluggish personal consumption.

Fast Retailing posted a consolidated net profit of 20.93 billion yen in the year, down 24.8% from the previous year.

---------- Sumitomo Trust rating unaffected by public fund repayment: S&P

TOKYO - Standard & Poor's (S&P) said Thursday the recent decision by Sumitomo Trust & Banking Co. to complete public funds repayment by the end of fiscal 2003 would not affect its ratings on the bank.

The U.S. credit-rating agency currently assigns BBB long-term rating to the trust bank, with the outlook being stable.

---------- Price of key JGB issue rises slightly on dip-buying

TOKYO - The price of the 10-year Japanese government bond (JGB) rose slightly Thursday on dip-buying, but investors stayed mostly on the sidelines ahead of a two-day visit to Japan by U.S. President George W. Bush starting Friday.

In interdealer trading, the yield on the key No. 254 10-year, 1.4% government bond fell 0.005 percentage point from Wednesday to 1.415%.

---------- Hanshin Department, Izumiya to hold Japan Series sales

OSAKA - Hanshin Department Store Ltd. and supermarket operator Izumiya Co. said Thursday they will hold special sales before or after the Japan Series baseball championship.

Hanshin Department Store said its four-day sale will begin the day after the end of the best-of-seven Japan Series. Izumiya said it will hold a three-day sale beginning Friday and another starting the day after the championship ends.

---------- Dollar rises to 110 yen as strong U.S. data temper dollar bears

TOKYO - The dollar rose to the 110 yen range Thursday in Tokyo as a string of strong U.S. economic data tempered market players' bearishness toward the U.S. currency, leading them to cover massive short-dollar positions.

At 5 p.m., the dollar traded at 110.12-14 yen, up from Wednesday's 5 p.m. quotes of 109.50-60 yen in New York and 109.08-10 yen in Tokyo.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Oct 20, 2003
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