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Mitsubishi UFJ Financial Group, Inc. Message Board

  • bluecheese4u bluecheese4u Oct 1, 2007 12:46 AM Flag

    Mitsubishi UFJ jumped 5% to 1,060 yen

    Mitsubishi UFJ jumped 5% to 1,060 yen

    Japan's Nikkei Climbs as Confidence Holds Near Two-Year High

    By Chen Shiyin and Kiyori Ueno

    Oct. 1 (Bloomberg) -- Japan's Nikkei 225 Stock Average rose after business sentiment unexpectedly held near a two-year high, suggesting companies are confident exports will keep growing even as expansion in the U.S. economy slows.

    Sony Corp. led gains among exporters, while Fanuc Ltd., a maker of industrial robots, advanced on speculation companies will increase spending and investment. Mitsubishi UFJ Financial Group Inc. surged on its first day of trading after a one-week suspension as the bank split its stock and lowered its minimum trading lot, making the shares more affordable for investors.

    ``The market is solid overall in reaction to the Tankan as capital spending, which many had expected to come out weak, turned out to be strong,'' said Hideyuki Ookoshi, who oversees $365 million at Chiba-Gin Asset Management Co. in Tokyo. ``Mitsubishi UFJ is catching up other banks which gained last week.''

    The Nikkei added 65.66, or 0.4 percent, to 16,851.35 at the 11 a.m. break in Tokyo. The broader Topix index climbed 1.92, or 0.1 percent, to 1,618.54, with advancers outnumbering gainers by 870 to 712 in the first section of the Tokyo Stock Exchange.

    Gains were capped after a private group reported that more Americans are missing mortgage payments and the Wall Street Journal reported that UBS AG may report a loss from its fixed- income unit. Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. led financials lower.

    IHI Corp., Japan's third-biggest maker of heavy machinery, was poised to plunge after it forecast a wider-than-expected first-half loss. Fuji Electric Holdings Co. was set to drop after it lowered its full-year net-income forecast.

    Increased Spending

    Sony, the maker of the Vaio computer and the PlayStation game console, rose 90 yen, or 1.6 percent, to 5,660. Sharp Corp., Japan's biggest maker of liquid-crystal display televisions, added 40 yen, or 1.9 percent, to 2,125.

    The Bank of Japan's quarterly Tankan index of manufacturer sentiment was unchanged at 23 points in September from June, the central bank said shortly before the start of trading. The median estimate of economists was for a drop to 21 points. A positive number means optimists outnumber pessimists.

    Japan's biggest companies said they plan to increase spending 8.7 percent in the year ending March, faster than June's projection of 7.7 percent. They also raised their profit and sales estimates for the period.

    `No Bad Evidence'

    ``The Tankan showed there's no bad evidence for the economy,'' said Masayuki Kubota, who oversees $2.1 billion in assets at Daiwa SB Investments Ltd. in Tokyo.

    Fanuc advanced 190 yen, or 1.6 percent, to 11,900 yen. Komatsu Ltd., the world's second-biggest maker of earthmoving machinery, added 40 yen, or 1 percent, to 3,900.

    Separately, a Labor Ministry report showed that wages in Japan climbed for the first time in nine months, suggesting that unemployment near a nine-month low may spur consumer spending.

    Fast Retailing Co., Japan's biggest clothing retailer, jumped 220 yen, or 3.3 percent, to 6,850. Aeon Co., the nation's biggest supermarket operator, gained 45 yen, or 2.8 percent, to 1,668.

    Mitsubishi UFJ jumped 5 percent to 1,060 yen. The stock was suspended last week after the company implemented a one for 1,000 share split, with the minimum trading lot set at 100 shares.

    The Topix Banks Index surged 7.1 percent last week on speculation the U.S. Federal Reserve will add to last month's rate cut, the first in four years, at an Oct. 31 meeting, to help sustain expansion in the world's largest economy and ease a tightening in credit markets.

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