Japan

Financial News

Codelco Increases Japan, South Korea 2010 Copper Surcharges to $74 a Ton Codelco, the world’s biggest copper producer, will raise the surcharge on sales to Japan and South Korea by as much as 16 percent next year as demand from China lifts metal prices.

IMF Says Dollar Being Used to Fund `Carry Trade,' May Still Be Overvalued The International Monetary Fund said traders are probably using the dollar to fund “carry trades” across the world and the currency may still be overvalued even after its slide this year.

Most Japanese Stocks Fall, Led by Financials on Share Sale; Sony Rises Most Japanese stocks fell, led by financial companies on concern stricter rules will force them to raise funds, diluting the value of current shareholdings, and after companies cut their profit forecasts.

Government Said to Ask Lenders to Give Bridging Loans to Japan Airlines Japan’s Senior Vice Transport Minister Kiyomi Tsujimoto today asked banks to provide bridging loans to Japan Airlines Corp., according to three people familiar with the situation.

NEC May Raise $1.5 Billion in Share Sale to Pay Off Debt, Fund Expansion NEC Corp., Japan’s largest maker of personal computers, plans to raise as much as 134 billion yen ($1.5 billion) by selling stock to help fund new businesses and pay off debt.

Toyota's 2009 China Sales May Rise 19% to 700,000 Vehicles, Ijichi Says Toyota Motor Corp., the world’s biggest carmaker, may increase vehicle sales in China 19 percent this year, the company said.

Mitsubishi Buys 40% Stake in Russian Car Dealer Rolf Import, Nikkei Says Mitsubishi Corp., Japan’s largest trading house, bought a 40 percent stake in Russia’s Rolf Import, Nikkei English News reported, without saying where it obtained the information.

Sumitomo Trust, Chuo Mitsui to Merge to Create Japan's Fifth-Largest Bank Sumitomo Trust & Banking Co. and Chuo Mitsui Trust Holdings Inc. agreed to merge creating Japan’s fifth largest bank as they seek to boost profit and brace for tougher capital requirements.

Kirin Cuts Full-Year Net Income Forecast 25% on Costs to Close Breweries Kirin Holdings Co., Japan’s biggest beverage maker, cut its full-year net income forecast by 25 percent on costs to close two domestic breweries in the shrinking beer market.

Government Bonds Complete Five-Week Decline on Signs of Economic Recovery Japan’s 10-year government bonds completed a five-week decline, the longest stretch of losses in more than a year, on speculation signs of a global economic recovery will spur demand for riskier assets.

General News

No Fit for Luxury Lifestyle for Tokyo Women Costs Versace, Gucci Customers Akiko Sayama re-examined her spending habits when the Tokyo staffing agency where she works cut its overtime budget. She lost more than $13,000 in annual pay, so one of the first things she did was curb her tastes for Louis Vuitton and PPR SA’s Gucci.

Japan Promises Environmental Support to Southeast Asia Mekong River States Japan will join five Southeast Asian nations that share the Mekong River in a 10-year program to protect the region’s environment, as Prime Minister Yukio Hatoyama seeks closer ties with Asia.

Iran Detains Canadian, Japanese Reporters Who Covered Protests This Week Iran detained several foreign reporters who were covering demonstrations in Tehran on Nov. 4, when opposition supporters used the 30th anniversary of the U.S. Embassy seizure to revive protests over President Mahmoud Ahmadinejad’s re-election.

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