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Mitsubishi UFJ Financial Group, Inc. Message Board

  • bluecheese4u bluecheese4u Sep 26, 2007 11:28 PM Flag

    Mitsubishi UFJ Financial Group Inc., No. 1, is not trading this week because of a stock split.

    Mitsubishi UFJ Financial Group Inc., No. 1, is not trading this week because of a stock split

    Japanese Stocks Rise After Buffett Report; Mizuho Advances

    By Kiyori Ueno

    Sept. 27 (Bloomberg) -- Japanese stocks advanced, led by financial shares such as Mizuho Financial Group Inc., after a report that Warren Buffett will buy a stake in Bear Stearns Cos., raised speculation that lenders will recover from the subprime crisis.

    The New York Times report ``sparked a notion that the subprime issue may not have been that serious,'' said Horoshi Chano, who helps manage $7.3 billion at Yasuda Asset Management Co. in Tokyo.

    Exporters such as Toyota Motor Corp., also gained after the yen weakened against the dollar, increasing the value of their overseas sales.

    The Nikkei 225 Stock Average added 252.90, or 1.5 percent, to 16,688.64 at the 11 a.m. break in Tokyo. The broader Topix index gained 26.15, or 1.7 percent, to 1,602.17. All but one of the 33 industry groups in the Topix gained.

    Mizuho, Japan's second-biggest bank by assets climbed 18,000 yen, or 2.9 percent, to 646,000. Sumitomo Mitsui Financial Group Inc., the third largest, advanced 41,000 yen, or 4.9 percent, to 874,000. Mitsubishi UFJ Financial Group Inc., No. 1, is not trading this week because of a stock split.

    Toyota, poised to become the world's biggest automaker, rose 90 yen, or 1.4 percent to 6,700, Nissan Motor Co., Japan's third biggest carmaker, added 24 yen, or 2.1 percent to 1,144.

    The yen recently traded at 115.49 against the dollar, down from 114.76 at yesterday's equity market close.

    A stronger dollar means Japanese exporters get more for their overseas sales when they are converted back to yen while their products become more competitive.

    Toyota's annual operating profit falls about 35 billion yen ($303 million) for every 1 yen that Japan's currency gains against the dollar, according to Koji Endo, a senior analyst at Credit Suisse Group in Tokyo. Nissan makes about half of its sales in North America.

    Property Rate Raised

    The New York Times reported that Bear Stearns is in ``serious talks with several outside investors'' including Buffett to sell as much as 20 percent of the firm, citing unidentified people familiar with the matter. A Bear Stearns spokesperson declined to comment.

    Suruga Bank Ltd. surged 143 yen, or 11 percent, to 1,404 after the regional bank said it's discussing an alliance with Japan Post, the world's largest financial institution by assets and set to become a private company on Oct. 1, to offer mortgages and other individual loans to individuals.

    Mitsui Fudosan Co., Japan's largest real estate developer, gained 180 yen, or 6 percent, to 3,160 after Deutsche Bank AG raised its rating on the company to ``Buy'' from ``Hold.'' Sumitomo Realty & Development Co., the third biggest, added 240 yen, or 6.5 percent, to 4,030, after Deutsche Bank also lifted its rating on the company to ``Buy'' from ``Hold.'' A measure of real estate companies was the biggest gainer among industry groups included in the Topix.

    Hitachi Ltd., Japan's No. 1 electronics group, jumped 48 yen, or 6.9 percent, to 749 after Reuters reported that the company may sell part or all of its hard-disk drive business, which hasn't posted an annual profit since the electronics maker bought it in 2002.

    Nippon Electric Glass Co., the world's third-biggest supplier of glass for liquid-crystal displays, surged 258, or 16 percent to 1,864 after it increased its earnings forecast and Deutsche Bank AG and UBS AG lifted their ratings in the stock.

    Nikkei futures expiring in December climbed 1.3 percent to 16,720 in Osaka and rose 1.4 percent to 16,720 in Singapore.

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