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Kyodo economic news summary -6-.

TOKYO, Oct. 14 Kyodo

---------- China to cut export tax rebates, dealing blow to foreign exports

BEIJING - The Chinese government said Tuesday it will cut its export tax rebates by an average 3 percentage points from the current average of 15%, effective Jan. 1.

The decision to trim rebates on the 17% value-added taxes is aimed at warding off growing international calls for the yuan's revaluation as it will raise costs on the part of exporters, traders and economists said.

---------- Lawson's group net profit soars 123.4% in 1st half

TOKYO - Convenience store operator Lawson Inc. said Tuesday its group net profit for the fiscal first half to Aug. 31 soared 123.4% from a year earlier to 10.18 billion yen despite a 4.2% drop in revenues to 125.48 billion yen.

The nation's second-largest convenience chain attributed the robust earnings to greater efforts to cut costs, especially those related to products and distribution, and to increased fees from franchisees.

---------- Seiyu's group net loss shrinks to 8.43 bil. yen.

TOKYO - Supermarket operator Seiyu Ltd., an affiliate of Wal-Mart Stores Inc., said Tuesday its group net loss shrank to 8.43 billion yen in the fiscal first half to Aug. 31 from 22.39 billion yen a year earlier due to lower restructuring charges.

The net loss, which translates into 14.53 yen per share, came with a group pretax loss of 2.30 billion yen, compared with a year-before group pretax profit of 8.62 billion yen, on a 3.9% decline in group operating revenues to 557.95 billion yen.

---------- Koizumi defends posts privatization in LDP manifesto

TOKYO - Prime Minister Junichiro Koizumi on Tuesday released a set of pledges in a campaign manifesto for the ruling Liberal Democratic Party (LDP) ahead of the Nov. 9 general election, again defending commitments including his plan to privatize postal services in 2007.

''The postal privatization has become a pledge of the party. It's not Koizumi's (personal) opinion any more,'' the premier told reporters in releasing the tract, which was finalized following disputes between him and heavyweights in his party.

---------- Dollar rebounds sharply in Tokyo on suspected BOJ interventions

TOKYO - The U.S. dollar rebounded sharply against the yen and entered the 109 yen range in Tokyo on Tuesday on apparent Bank of Japan (BOJ) interventions, currency traders said.

At 5 p.m., the dollar was quoted at 109.73-75 yen, up more than 1 yen from Friday's 5 p.m. quotes of 108.60-70 yen in New York and 108.72-75 yen in Tokyo. The currency market was closed Monday in New York and Tokyo for national holidays.

---------- Cash bonds, futures prices plunge on surges in stocks

TOKYO - Prices of 10-year Japanese government bonds (JGBs) and JGB futures plunged Tuesday on selling spurred by surges in Japanese stocks, with the benchmark Nikkei index briefly climbing above the key 11,000 line.

In interdealer trading, the yield on the key No. 254 10-year, 1.4% government bond rose 0.130 percentage point from Friday to 1.480%.
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Publication:Japan Weekly Monitor
Date:Oct 20, 2003
Previous Article:Dollar rebounds sharply in Tokyo on suspected BOJ interventions.
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