Japan Stocks: Credit Saison, Ebara, Gaba, Olympus, Taiyo Yuden

Japan’s Nikkei 225 (NKY) Stock Average fell 202.32, or 2.2 percent, to 9,097.56 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.

Exporters: Exporters and banks retreated after Standard & Poor’s Ratings Services cut the U.S. government’s credit rating, damping the outlook for the companies.

Sony Corp. (6758) (6758 JT), a consumer electronics exporter that earns about half of its revenue from the U.S. and Europe, fell 3.8 percent to 1,759 yen, the lowest close since March 2009. Toyota Motor Corp. (7203) (7203 JT), the world’s largest carmaker, lost 1.6 percent to 2,993 yen. Honda Motor Co. (7267 JT), Japan’s third-largest carmaker, declined 3 percent to 2,799 yen.

Banks holding U.S. bonds also declined. Mitsubishi UFJ Financial Group Inc. (8306) (8306 JT), Japan’s No. 1 publicly traded lender, retreated 2.6 percent to 372 yen. Sumitomo Mitsui Financial Group Inc. (8316) (8316 JT), the second-largest, dropped 2.2 percent to 2,310 yen. Mizuho Financial Group Inc. (8411) (8411 JT), the No. 3, lost 1.7 percent to 119 yen.

Credit Saison Co. (8253 JT), a consumer lender, rose 2.4 percent to 1,278 yen. The company said net income in the first quarter climbed 46 percent to 9.88 billion yen ($126 million), buoyed by lower costs from loan losses, promotions and personnel as well as a gain from the sale of its stake in a unit.

Dentsu Inc. (4324) (4324 JT), Japan’s largest advertising company by revenue, sank 3.5 percent to 2,225 yen. The company said July sales fell 14.2 percent from a year ago on a parent basis. Sales fell because last year’s figures had been boosted by the FIFA World Cup, Dentsu said in a statement on its website.

Ebara Corp. (6361) (6361 JT), a pump maker, plummeted by its daily limit of 80 yen, or 18 percent, to 362 yen, the sharpest drop since at least September 1974. The company said first-quarter net income fell 58 percent to 417 million yen.

Gaba Corp. (2133) (2133 JT), which provides English conversation lessons, surged by its daily limit of 30,000 yen, or 23 percent, to 160,200 yen, the biggest gain since its listing on the Tokyo Stock Exchange in December 2006. Nichii Gakkan Co. (9792) (9792 JT), a provider of hospital administration and education services, plans to pay as much as 10.1 billion yen to turn Gaba into a wholly owned subsidiary through a tender offer, according to a statement. Nichii Gakkan slid 0.6 percent to 691 yen.

Hosiden Corp. (6804) (6804 JO), an electronic-parts maker, climbed 1.3 percent to 617 yen. The company said it will buy back up to 2.94 percent of its outstanding shares.

Kirin Holdings Co. (2503 JT), Japan’s biggest beverage maker by market value, fell 3.4 percent to 992 yen. The company cut its net income outlook 10 percent to 52 billion yen this year because the nation’s worst earthquake on record curbed demand for beer and soft drinks.

Leopalace21 Corp. (8848) (8848 JT), a real estate company, leapt 6.7 percent to 112 yen. The company said its net loss in the first quarter narrowed to 3.8 billion yen from 13.6 billion yen a year earlier, citing cost cuts.

Mitsui Mining & Smelting Co. (5706 JT), a metals producer, lost 3.5 percent to 247 yen. The company said net income in the quarter ended June 30 fell 34 percent to 4.32 billion yen, dragged down by the cost of suspending operations after the March earthquake.

Olympus Corp. (7733) (7733 JT), an optical-equipment maker, tumbled 5.1 percent to 2,414 yen. The company swung to a loss of 2.15 billion yen in the first quarter from a 1.5 billion yen profit a year earlier, as a stronger yen against the dollar eroded its sales and earnings.

Rinnai Corp. (5947) (5947 JT), a gas appliances maker, plunged 5.5 percent to 5,660 yen. Net income dropped 17 percent to 2.35 billion yen in April-June period because of a charge on devalued stockholdings, according to a statement to the Tokyo Stock Exchange.

Taiyo Yuden Co. (6976 JT), a maker of electronic components, plummeted 8.5 percent to 804 yen, the lowest close since May 2009. The company slashed its full-year net income outlook 93 percent to 300 million yen, citing weak demand for electronic parts and the stronger yen.

Tokai Carbon Co. (5301 JT), a maker of carbon-based industrial products, declined 5 percent to 397 yen. The company reported a 34 percent drop in net income to 1.85 billion yen in the six months to June 30 on lower sales.

Toppan Printing Co. (7911 JT), a printing company, retreated 3.1 percent to 568 yen, the lowest close since March 2009. The company said it expects a 30 percent drop in net income to 3.5 billion yen in the six months ending Sept. 30.

To contact the reporters on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net; Akiko Ikeda in Tokyo at iakiko@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

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