Mitsubishi Paper Mills Gains After Raising Prices
The shares gained 4 yen, or 1.7 percent, to close at 235 yen, on the Tokyo Stock Exchange. They added as much as 7.4 percent in morning trading.
Mitsubishi Paper, based in Tokyo, will raise prices by more than 15 percent from its June shipment because cost cuts can't offset increasing material prices, a statement on its Web site said yesterday.
Rival Nippon Paper Group Inc. (3893), Japan's second-largest paper maker, also said yesterday it will increase product prices by at least 10 percent in June.
Nippon Paper shares fell 3,000 yen, or 1.1 percent, to 265,000 yen.
Mitsubishi Paper's stock is almost unchanged so far this year, compared with a 13 percent drop in the benchmark Topix index.
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