Japan’s Nikkei 225 (NKY) Stock Average fell 188.64, or 1.8 percent, to 10,505.02 as of the close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Machinery makers: THK Co. (6481 JT) declined 4.1 percent to 2,137 yen and Makita Corp. (6586) (6586 JT) dropped 3.1 percent to 3,420 yen after the companies had their ratings cut to “neutral” from “buy” at Goldman Sachs Group Inc. Kubota Corp. (6326) (6326 JT) lost 3 percent to 807 yen and Keyence Corp. (6861) (6861 JT) sank 2.6 percent to 21,700 yen as their ratings were cut to “sell” from “neutral” at the brokerage.
Akebono Brake Industry Co. (7238 JT), a maker of brake systems, slumped 5.3 percent to 465 yen. The company canceled plans to acquire Robert Bosch GmbH’s brake systems business outside North America, saying the acquisition was not in line with its growth strategy.
Business Trust Co. (4289 JQ), which develops accounting software, jumped 20 percent to 30,300 yen. Yoshiki Holdings said it will seek to buy out Business Trust for 646 million yen ($7.85 million), offering 35,000 yen a share.
Denki Kogyo Co. (6706 JT), an antenna maker, climbed 5.2 percent to 407 yen, the biggest gain since June 16. The company said it will buy back up to 1.76 percent of its total shares.
Kajima Corp. (1812) (1812 JT), a general contractor, dropped 2.3 percent to 209 yen. The company’s work on a highway in Algeria with Taisei Corp. (1801) (1801 JT), Nishimatsu Construction Co. (1820 JT) and Hazama Corp. (1719) (1719 JT) may show a loss of more than 80 billion yen, Kyodo News reported. Taisei fell 1.1 percent to 185 yen. Nishimatsu Construction retreated 1.8 percent to 112 yen. Hazama sank 2.6 percent to 74 yen.
Kanamoto Co. (9678 JT), which leases construction machinery, fell 3 percent to 459 yen. The company posted a 59 percent drop in first-quarter net income to 354 million yen.
Kenko Mayonnaise Co. (2915 JQ), a food processor, increased 1.5 percent to 742 yen, the highest close since October 2007. The company said it will pay a commemorative dividend of 5 yen, in addition to the planned second-half dividend of 15 yen. The company also said it plans to raise as much as 1.04 billion yen by selling shares to the public, according to a filing with Japan’s finance ministry.
Kura Corp. (2695) (2695 JT), a chain of sushi shops, declined 2.4 percent to 1,322 yen. The company said first-quarter net income plunged 47 percent to 462 million yen.
Megmilk Snow Brand Co. (2270 JT), a dairy products maker, advanced 2.3 percent to 1,505 yen. China’s Hangzhou Wahaha Group said it may buy a Japanese yogurt maker. Megmilk Snow Brand said it isn’t in talks with Wahaha about a possible acquisition.
Oki Electric Industry Co. (6703 JT), a maker of communications equipment, surged 14 percent to 83 yen, the biggest increase since April 2009. Yoshiharu Izumi, an analyst at JPMorgan Chase & Co., maintained his “overweight” rating on the company, citing the impact of a one-time loss due to its early retirement program on the company’s profit will be limited. Oki Electric said on March 4 it will take a charge of 9.2 billion yen as 1,018 workers took a buyout offer.
Rohto Pharmaceutical Co. (4527 JO), a drugmaker, retreated 2.6 percent to 940 yen. The company had its rating reduced to “neutral” from “outperform” at Mitsubishi UFJ Morgan Stanley Securities Co.
Roland DG Corp. (6789) (6789 JT), a color printer maker, gained 3.4 percent to 1,305 yen. The company was raised to “buy” from “neutral” at Ichiyoshi Research Institute Inc.
Token Corp. (1766) (1766 JT), a homebuilder, jumped 15 percent to 3,700 yen, the highest close since August 2008. The company boosted its full-year net income outlook by 17 percent to 5.03 billion yen and increased its planned dividend for the year to 80 yen per share from 60 yen per share.
Toyota Motor Corp. (7203) (7203 JT), the world’s largest carmaker, lost 2.4 percent to 3,695 yen. The company had its long-term debt rating cut by Standard & Poor’s, which cited the company’s “weak” profitability.
United Arrows Ltd. (7606) (7606 JT), an apparel chain, leapt 4.2 percent to 1,465 yen, a level not seen since October 2007. The company boosted its full-year net income projection by 55 percent to 3.54 billion yen. The retailer also raised its planned second-half dividend to 19 yen per share from 16 yen per share.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org.