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Kyodo economic news summary -5-.

TOKYO, Oct. 20 Kyodo

---------- Best Denki's group pretax profit up 8.5% in 1st half

TOKYO - Best Denki Co. said Monday its group pretax profit for the fiscal first half to Aug. 31 rose 8.5% from a year earlier to 2.83 billion yen despite a 2.6% drop in sales to 176.86 billion yen.

The Fukuoka-based operator of consumer electronics discount stores attributed the profit rise to greater efforts to streamline operations, including the closure of loss-making outlets, and an aggressive marketing drive.

---------- NTT Communications, 3 other firms to jointly develop IP TV

TOKYO - NTT Communications Corp., NEC Corp. and two other companies will begin a joint project to develop an Internet protocol (IP) television set that will enable users to receive images distributed via the Internet as well as digital format TV broadcasts, a leading economic daily said in its Monday evening edition.

The Ministry of Economy, Trade and Industry will provide the project with a subsidy of 100 million yen for first-year development costs, the Nihon Keizai Shimbun said.

---------- Hoya sees 27.5% rise in group net profit for fiscal 1st half

TOKYO - Hoya Corp. said Monday its group net profit for the fiscal half to Sept. 30 rose 27.5% from a year earlier to 18.92 billion yen due mainly to brisk demand in the electro-optics sector.

The producer of optical glass and eyeglasses said group sales gained 7.1% to 131.70 billion yen as orders for high-value-added products increased amid growing demand in the semiconductor market.

---------- BOJ managers caution rising yen may derail recovery

TOKYO - Bank of Japan (BOJ) branch managers agreed Monday that the economy is showing recovery on growing exports to the United States and Asia but raised concerns the rising yen could undermine the export-driven recovery scenario.

The managers quoted business leaders in their jurisdictions as saying during a quarterly meeting that increasing profits have absorbed negative impacts from the yen's surge to three-year highs, but the yen's further advance against the U.S. dollar may affect corporate activity, including capital spending.

---------- Cash bonds, futures prices fall on rises in Tokyo stocks

TOKYO - Prices of 10-year Japanese government bonds (JGBs) and JGB futures fell Monday spurred by surges in Japanese stocks, which closed at 16-month highs.

In interdealer trading, the yield on the key No. 254 10-year, 1.4% government bond rose 0.070 percentage point from Friday to 1.495%.
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Publication:Japan Weekly Monitor
Date:Oct 28, 2003
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