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The Tokyo equities markets saw declines on Wednesday as post-election elation gave way to profit taking and worries about the state of the US economy. The Nikkei 225 fell 0.5 percent to 12,834.25, while the Topix index dropped 0.3 percent to 1,212.35.

Some export-dependent stocks fell. Sony declined by 1.7 percent to ¥3,980. Toyota fell by 0.4 percent to ¥4,700 as the transport equipment sector as a whole was down by 0.3 percent.

Still, shares in domestic companies felt the brunt of the profit-taking on the day, with the insurance, securities, and banking sectors all down. Insurer Sompo Japan fell 4 percent to ¥1,372 as the insurance sector as a whole dropped 1.8 percent.

The securities sector was down 0.7 as securities house Nomura declined by 0.9 percent to ¥1,521. Japan’s biggest banking group, Mizuho, was down 0.5 percent to ¥637,000, while the sector as a whole lost 0.8 percent. Real estate group Fudosan was also down, losing 1.6 percent to ¥1,599. There were gains on the day, however.

Square Enix, the videogame maker was up 2 percent to ¥3,130 on an initial “outperform” rating from Credit Suisse First Boston. Additionally Yakult, a company that makes fermented lactic drinks as well as drugs and cosmetics, gained 4.9 percent to ¥2,580 on an upgraded rating from Mizuho Securities.

The Tokyo equities markets saw declines on Wednesday as post-election elation gave way to profit taking and worries about the state of the US economy. The Nikkei 225 fell 0.5 percent to 12,834.25, while the Topix index dropped 0.3 percent to 1,212.35.

Some export-dependent stocks fell. Sony declined by 1.7 percent to ¥3,980. Toyota fell by 0.4 percent to ¥4,700 as the transport equipment sector as a whole was down by 0.3 percent.

Still, shares in domestic companies felt the brunt of the profit-taking on the day, with the insurance, securities, and banking sectors all down. Insurer Sompo Japan fell 4 percent to ¥1,372 as the insurance sector as a whole dropped 1.8 percent.

The securities sector was down 0.7 as securities house Nomura declined by 0.9 percent to ¥1,521. Japan’s biggest banking group, Mizuho, was down 0.5 percent to ¥637,000, while the sector as a whole lost 0.8 percent. Real estate group Fudosan was also down, losing 1.6 percent to ¥1,599. There were gains on the day, however.

Square Enix, the videogame maker was up 2 percent to ¥3,130 on an initial “outperform” rating from Credit Suisse First Boston. Additionally Yakult, a company that makes fermented lactic drinks as well as drugs and cosmetics, gained 4.9 percent to ¥2,580 on an upgraded rating from Mizuho Securities.

The Tokyo equities markets were up substantially on the landslide election victory Sunday of Prime Minister Junichiro Kozumi’s Liberal Democratic party, as foreign investors seemed particularly enthusiastic in the post-election buying.

Upward revision of second-quarter gross domestic product figures also helped the markets to their gains. GDP growth was put at 0.8 percent in the second quarter, up from the original figures of 0.3 percent.

The Nikkei 225 was up 1.6 percent to 12,896.43, while the Topix index gained 1.3 percent to 1,309.80.

The LDP won 296 seats in the lower house of parliament, the first single-party majority there in 15 years. In addition the LDP’s coalition partner, the New Komeito party, won 31 seats, bringing administration-friendly seats to more than two-thirds of the lower house. Analysts say that this all but guarantees that the prime minister’s postal privatization bill will pass when it is reintroduced in the autumn.

Domestic sectors that figure to benefit the most from the recovery of the Japanese economy, which is expected to go forward after the election’s outcome, saw gains on the day.

Insurers gained the most on the day, with the sector rising by 3.9 percent. Other domestic sectors seeing advances included construction companies, which gained 1.8 percent; retailers, up 2 percent; real estate, which rose by 2.6 percent; and banking, which advanced by 2.8 percent. The biggest individual gainer came from the banking sector, when Mizuho gained 4.4 percent to ¥640,000.

Outside of the domestically-oriented sectors, the nation’s largest systems integrator, NTT Data, gained 8.4 percent to ¥424,000 on the expectation that it will experienced increased demand after post office privatization. Additionally, Yamada Denki, Japan’s largest discount electronics retailer, added 8.7 percent to ¥8,530.

Polls ahead of Sunday’s election in Japan showed that the current ruling coalition, let by the Liberal Democratic party, is likely to win an easy majority.

This set investors’ minds at ease and domestic stocks sowed significant gains on the day.

There had been worries that without an obvious majority, the equities markets could be hurt by lack of direction on economic policy. Overall, the Nikkei 225 was up 1.3 percent to 12, 692.04, while the Topix index gained 1.1 percent to 1,293.35.

The securities sector gained 0.8 percent after declines in the morning. The insurance sector was up 2.8 percent, while the real estate sector advanced by 2.4 percent.

In real estate, Mitsui Fudosan was up 3.7 percent to ¥1,544. In addition, Leopalace21, which builds and subleases apartments, added 7.2 percent to ¥2,310 on the news that Goldman Sachs had reiterated its “outperform” rating for the company.

In the oil sector, meanwhile, Inpex was up 3.6 percent to ¥844,000, Nippon Oil added 1.7 percent to ¥889, and AOC advanced by 5 percent to ¥2,115.

In the Tokyo equities markets on Friday, the Nikkei 225 closed at another four-year record high, gaining 0.7 percent to 12,600.00, while the Topix index was up 0.4 percent to 1,282.79.

Real estate and retailing led the gains, with sector-wide gains of 1.2 and 1.3 percent respectively. Real estate was still benefiting from news that housing starts in Japan were at a seven-year high, while retailers saw gains due to announcements by individual companies.

In the real estate sector, developer Mitsui Fudosan gained 0.6 percent to ¥1,455, while Mitsubishi Estate was up 1.2 percent to ¥1,374.

In the retail sector, Seven & I Holdings, Asia’s largest retailer, announced that it will take full ownership of its US subsidiary 7-Eleven, gaining 4.8 percent to ¥3,520. In addition, supermarket chain operator Uny added 0.85 percent to ¥1,312 on the news that its annual net profit nearly tripled due in large part to debt forgiveness.

On the other hand, the banking sector fell by 0.7 percent on rumors that regulators want to make it simpler for the government to sell preferred shares in large banks for common stock.

In Tokyo on Thursday, the Nikkei 225 closed at its highest level in four years as the Japanese economy seemed to be on track in its recovery and as oil prices seemed at least not to be rising as quickly as they had been earlier. The Nikkei was up 0.8 percent to 12,506.97, while the Topix index gained 0.9 percent to 1,277.33.

The real estate sector made the biggest gains on the day, rising 2.1 percent as a whole on the strength of data that showed the biggest year-on-year jump in housing starts in seven years. Mitsui Fudosan, the largest developer in Japan, gained 1.8 percent to ¥1,446.

The iron and steel sector also did well on the day, rising 1.7 percent for the day. Nippon Steel added 1.9 percent to close at ¥328. Several stocks gained specifically due to anticipation that they would do more business as reconstruction from the damage caused by Hurricane Katrina in the United States gets underway.

Earth-moving equipment maker Komatsu was up 3.4 percent to ¥1,267, while Hitachi Construction Machinery gained 4.8 percent to ¥1,776. In addition, Tokyu construction added 7 percent to ¥200 on the news that the FTSE would list its shares on the FTSE All World Index.

Crude oil prices once again were a major reason that Tokyo equities markets ended the day lower on Wednesday. The Nikkei 225 was down 0.3 percent to 12,413.60, while the Topix index fell 0.2 percent to 1,271.29.

Airlines, shippers and automobile manufacturers all fell, as did the transport equipment sector, which was down 0.8 percent as a whole. Toyota lost 1.1 percent to ¥4,500 as investors worried that the export-dependent carmaker could be harmed if demand in the US goes down due to high oil prices.

Japan Airlines, which said it was considering raising domestic fares, was down 1.3 percent to ¥311, as the air transport sector fell 0.6 percent. Shipper Mitsui OSK declined by 0.7 percent to ¥808.

In addition Japan’s second largest travel agency, Kinki Nippon Tourist, lost 3.7 percent to ¥315 on worries that travel costs will increase.

Oil refiner and shipper Cosmo Oil decreased by 4.7 percent to ¥549 on the announcement that it would issue ¥39 billion in new bonds and shares as it tries to raise money to expand its refining capacity.

The Tokyo equities markets did better on Tuesday as they gained back the ground that they lost on Monday. The Nikkei 225 gained 1.2 percent to 12,453.14 and the Topix index was up by 1.2 percent as well, to 1,273.60.

The iron and steel sector did well, gaining 3.9 percent, while the shipping sector gained 1.5 percent. Nippon Steel gained 5.2 percent to ¥321, while JFE added 4.6 percent to ¥3,200. Shipper Nippon Yusen was up 1.5 percent to ¥696.

The transport equipment sector as a whole gained 1.3 percent, and Toyota, one of Japan’s biggest exporters and the second largest automobile manufacturer in the world, was up by 2.2 percent to ¥4,550.

In the pharmaceuticals sector, Eisai was up 1.2 percent to ¥4,160 after an announcement on Monday that it was ready to take its experimental drug aimed at treating sepsis to the next level of testing.

The financial sector also did well. Banking group Mizuho gained 4 percent to ¥619,000, while securities house Nomura added 2.2 percent to ¥1,521.

On the losing side, supermarket chain Eco lost 5.7 percent to ¥1,084 when it said it would probably take losses in the first half of the 2005-2006 fiscal year due to low sales, which it blamed on heavy competition.

The Tokyo equities markets were down substantially on Monday as crude oil prices rose to new highs yet again, peaking at over $70 per barrel.

The Nikkei 225 lost 1 percent to 12,309.83, while the Topix index declined by 1.1 percent to 1,258.64.

Stocks were down almost across the board as it was believed by investors that high oil prices would hit exports only marginally more than they would hit companies that depend on domestic demand.

Energy-dependent sectors did especially badly, with the sea transport sector down 2 percent as a whole, while the air transport sector was down an even larger 2.2 percent, due to a bomb scare on a Japan Airlines plane as well as to the surge in oil prices.

Information and communications stocks were down 1.4 percent, while the transport equipment sector fell 1.3 percent, and precision machinery as a whole lost 1.2 percent.

In the airlines sector, Japan Airlines lost 3.1 percent to ¥313 and All Nippon Airways fell by 1.4 percent to ¥362. Japan’s largest automobile manufacturer lost 2 percent to ¥4,450, and it’s biggest shipper, Nippon Yusen, declined by 1.7 percent to ¥686.

Japan’s largest brokerage house, Nomura, lost 1.6 percent to ¥1,488 as the securities sector as a whole fell by 1.5 percent.

The Tokyo equities markets were up on Friday, but investors seemed to be waiting for more evidence that the economy is recovering before making too much of a commitment.

They also looked to be concerned about the continuing trend up in crude oil prices and indications that the September 11 elections might result in no clear majority.

Thursday figures were released that showed export volumes are lower than last year, and on Friday there was news that Japan is still in the midst of mild deflation.

The Nikkei 225 was up 0.3 percent to 12,439.48, while the Topix index gained 0.35 percent to 1,272.46.

Losers on the day included Fast Retailing, which lost 9.1 percent to ¥8,180 on its first day of trade on the Nikkei index, but the decline was small in comparison to its gains after it was announced that it would be added to the Nikkei.

Also down on the day was Sumitomo Realty Development, which fell 0.4 percent to ¥1,388 as the real estate sector as a whole declined by 0.6 percent.

The iron and steel sector was up, however, by 1.1 percent, as Nippon Steel gained 1 percent to ¥310 on higher demand.

Ferro-alloy maker Nippon Denko gained 9.05 percent to ¥446 on a tripling of its first-half net profit due to higher prices on its products.

Japanese equity markets were down on Thursday as investors manifested concerns about high oil prices and the recent strong gains in shares of companies dependent on domestic demand.

The Nikkei 225 was down 0.8 percent to 12,405,16, while the Topix index fell by 0.6 percent to 1,268.06. Sectors that do most of their business domestically fell the most on the day.

Banking was down 2.05 percent and real estate fell 1.5 percent, while services were down 0.95 percent and securities declined by 1.1 percent.

One of Japan’s largest securities firms, Daiwa Securities, were down 1.9 percent to ¥733. However, Japan’s largest securities company, Nomura, did go up by 0.4 percent to ¥1,515.

In the real estate sector, developer Mitsui Fudosan lost 2.2 percent to ¥1,406.

Shoe wholesaler and retailer ABC Mart was up by 11.4 percent to ¥4,879 on stronger than expected sales and an increase in its forecast of net profits.

Toymakers Takara and Tomy, which will merge next year, were both up, by 8.8 percent and 6.6 percent respectively.

The Tokyo equities exchanges were down Wednesday morning amid profit-taking after earlier gains.

The Nikkei 225 fell 0.24 percent to 12,441.31, while the Topix index lost 0.35 percent to 1,267.59.

The steel sector as a whole lost 0.9 percent, and Nippon Steel lost 1.3 percent to ¥310.

Other sectors that saw losses included the insurance sector, down by 1.5 percent, the securities sector, which lost 1.2 percent, and the real estate sector, which declined by 1.1 percent.

The banking sector, which was a victim of profit taking before the other sectors, only fell by 0.3 percent.

There were sectors that saw gains, including retailers, which gained 0.1 percent, and the sea transport sector, which was up by 0.7 percent.

In the shipping sector, Mitsui OSK Lines gained 1 percent to ¥822 on a positive share outlook from UBS.

Camera maker Nikon lost 2.1 percent to ¥1,340 when Merrill Lynch lowered its rating from “buy” to “neutral”, saying that the company has neared its share price target and it cannot see any reason to raise that target.

Meanwhile, discount chain retailer Aoyama Trading gained 0.2 percent to ¥2,940 on the Osaka equities exchange.

Morning trading on the Tokyo equities markets sent stocks higher, so that by midday, the Nikkei 225 had risen by 0.9 percent to 12,569.99, while the Topix index had gained 0.8 percent to 1,280.36.

The gains were seen in many sectors. Advertiser Dentsu, Japan’s biggest, added 3.2 percent to ¥288,000 even thought it announced an 11 percent decline in its quarterly operating profit on Monday.

The steel sector was also up. Tokyo Steel Manufacturing gained 2.6 percent to ¥1,676 as it announced price increases for September, while Nippon Steel was up 1.3 percent to ¥318.

Video game maker Square Enix added 3.5 percent to ¥3,100 on the announcement that it would bid for game machine manufacturer Taito. Taito’s shares were up by 12.4 percent to ¥181,000 on the news.

In other sectors, camera and copier maker Canon was up 1.4 percent to ¥5,650, securities firm Nomura gained 2.2 percent to ¥1,539, and supermarket chain Ito-Yokado added 4.5 percent to ¥4,150.

The banking sector, however, saw losses as Mizuho declined by 0.2 percent to ¥594,000.

Japanese equities markets were up on Monday morning, as the Nikkei 225 gained 0.8 percent to 12,390.66 and the Topix index rose by 0.9 percent to 1,261.21 on continuing optimism about the direction of the economy and as investors bought into domestically-oriented companies.

Sanrio, the maker of the Hello Kitty brand was up 3.5 percent to ¥1,182 on a positive quarterly earnings report.

The oil sector advanced on higher crude oil prices but those same high prices did not seem to bother companies that use a lot of oil. Nippon Oil, Japan’s largest distributor of oil, gained 1.1 percent to ¥858, which Japan’s largest shipper, Nippon Yusen, gained 0.6 percent. The sea transport sector as a whole was up 1.4 percent, and stocks in air transport companies gained 0.7 percent.

Banking, insurance, and real estate were also up, with the banking sector as a whole up 2.4 percent, while real estate and insurance each rose by 1.2 percent.

Online broker Monex Beans added 3.9 percent to ¥133,000. Japan’s largest banking group, Mizuho, gained 3.6 percent to ¥580,000, and insurer NipponKoa was up by 1 percent to ¥793.

In Tokyo on Friday, equities markets were down on profit taking even while they remained close to four-year highs and with no real evidence that they had been affected much by global economic worries. The Nikkei 225 lost 0.1 percent on the day to 12,291.73 and the Topix index was down by 0.2 percent to 1,250.50.

The automobile manufacturing sector fell by 0.3 percent as a whole, with Toyota down 0.7 percent to ¥4,360.

The steel sector, up most of the week on strong worldwide demand, was down by 0.9 percent. Nippon Steel lost 1.3 percent to ¥305.

Retailers were down as well, by 0.6 percent as supermarket chain Ito-Yokado lost 1.3 percent, to ¥3,930.

Machinery sectors were down, as well, with the precision machinery sector down by 1.4 percent and the general machinery sector falling even father, by 0.6 percent.

There were gainers on the day, as two vehicle-related companies anticipated technological advances. Mitsubishi Motors gained 3.5 percent to ¥147 on reports that it will launch its first electric vehicles in 2008 rather than in 2010 even though the company denied those stories.

Fuji Heavy Industries, which makes Subaru automobiles, announced that it would debut a vehicle using a lithium battery in the 2007-2008 model year. The announcement sent shares in the company up 3.7 percent to ¥500.

Uncertainties about high oil prices that are affecting consumer prices in the US sent equities markets in Tokyo down on Wednesday.

The Nikkei 225 was down 0.3 percent at the close to 12,272.12, while the Topix fell 0.2 percent to 1,250.10.

During the recent rise in oil prices, most analysts have de-emphasized the possible effect of the hikes on the Japanese economy on the theory that Japan uses much less energy than other developed nations.

Now, however, it is not just export-dependent companies that are being affected by higher oil prices. With Japanese gasoline prices hitting a 12-year high recently, there is some worry that domestic demand in other sectors will be affected.

On this worry, both retailers and the real estate sector fell by 0.4 percent on the day. Leading supermarket chain Ito-Yokado lost 1 percent to ¥3,970.

The banking sector was up, however, on continuing general optimism about the recovery of the Japanese economy even though Goldman Sachs said on Tuesday that it might lower the sector’s rating to “underweight”. Banking group Mizuho gained 0.7 percent to ¥547.000.

In Japan on Tuesday both the Nikkei and Topix indices reached 4-year closing highs as optimism about economic recovery continues. Even a damaging earthquake in the northern part of Honshu did not cause much disruption. The Nikkei 225 was up 0.5 percent to 12,315.67, while the Topix index gained 0.3 percent to 1,252.12.

Companies that deal with commodities were down on profit-taking after gains in the prices of oil and copper. Nippon Oil was down 0.7 percent to ¥878, while Nippon Mining, which has interest in both copper mining and oil, fell by 1.6 percent to ¥728.

Banking was also down. Japan’s largest banking group, Mizuho, closed down 1.4 percent at ¥543,000.

The steel sector was up, with Nippon Steel gaining 1.3 percent to ¥305 and Tokyo Steel Manufacturing added 1.5 percent to ¥1,498. Gains in the steel sector had to do with the announcement on Monday that Nippon Steel is planning on buying new equipment to deal with higher demand.

Aerial photography survey company Pasco was up 13 percent to ¥305 after Tuesday’s earthquake and the announcement that Pasco will launch a computer-based map service in September.

Robot-maker Fanuc gained 4.6 percent to ¥8,220 after securities firm CLSA said that the company benefited from higher robot orders from North America in the first half of the year.

In Tokyo on Monday, the Topix index had its highest close since July 2001 as it gained 0.3 percent to 1,248.77. Meanwhile, the Nikkei 225 lost 0.1 percent on the day to a closing level of 12,256.55.

Still, the Nikkei was not far from the four-year high it reached last week. Commodity producers were up due to higher market prices and strong demand.

Nippon Steel was up after it said it would spend money on new equipment made necessary by growing demand, gaining 2.7 percent to ¥301. Tokyo Steel Manufacturing was also up, by 1 percent to ¥1,476. Rising copper prices led to gains by companies with interests in copper.

Mitsubishi Materials, for example, gained 3.1 percent to ¥329. Oil prices, up to record highs at the end of last week, helped the oil sector to gains. AOC holdings was up 1.2 percent to ¥2,020. Nippon Mining, with interests in both oil and copper, also saw a gain, adding 2.5 percent to ¥740.

The banking and securities sector continued to do well on new optimizing about growth in the Japanese economy. Brokerage firm Nomura was up 0.7 percent to ¥1,486.

Automobile manufacturers, however, were down on the day after Friday’s news of dips in US consumer sentiment. Honda lost 2.1 percent to ¥5,640 and Toyota declined by 1.1 percent to ¥4,330.

The Tokyo equities markets were mixed on very little movement on Friday, as the Nikkei 225 closed down just 0.1 percent to 12,261.68 and the Topic gained 0.11 percent to close at 1,245.13.

The volume of shares traded hit a comparatively high 1.9 billion shares. Advances in the financial sector were balanced by losses by exporters and oil-related companies. The banking and securities sectors both saw gains on the day.

Equities broker Nomura Securities was up 1 percent to ¥1,475, while Nikko Cordial led gains in the sector when it added 1.3 percent to ¥549.

In the banking sector, Sumitomo Mitsui Financial group gained 3.1 percent to ¥837,000, MTFG was up 2 percent to ¥1,030,000, and Mizuho Financial Group gained 1.5 percent to ¥539,000.

Exporters, however, fell on the day. Honda and Canon, both of which sell nearly 75 percent of their goods in foreign markets, both lost 0.5 percent on the day, with Honda closing at ¥5,750 and Canon finishing up the day at ¥5,470. Sony, also highly dependent on foreign sales, lost 1.8 percent to ¥3,370.

In the oil sector, profit taking sent shares down and the sector as a whole lost 0.5 percent on the day. Inpex, the oil and gas explorer lost 2.9 percent on Friday to ¥826,000 after gains of 12 percent over the past two days.

In Tokyo on Thursday, the equities markets closed at four-year highs on continuing indications that the economy was continuing its recovery.

The Nikkei and Topix indexes were both higher for the fourth day in a row as the Nikkei 225 ended the session up 1.37 percent at 12,226.32 and the Topix added 1.29 percent to 1,243.74.

Insurance, banks, and securities brokers were all up on the day. The insurance sub-index on the Tokyo Stock Exchange gained 6.3 percent as Mitsui Sumitomo Insurance gained 8.8 percent to ¥1,147 on strong income in their first quarter.

Sompo Japan added 8 percent to ¥1,210 and Nippon Koa was up 3.3 percent to ¥777. All saw strong interest from foreign investors.

The banking sub-index saw a 3.7 percent rise on the day. SMFG was up 6.6 percent to ¥812,000, MTFG gained 3.5 percent to ¥1,010,000, while Mizuho Financial Group added 3.1 percent to ¥531,000.

The securities sub-index was up 3.7 percent. Diawa Securities gained 1.6 percent to ¥722, Nomura Securities, Japan’s largest broker, was up 2.7 percent to ¥1,460, and Nikko Cordial rose by 4 percent to ¥542 as it announced plans to return 50 percent of its annual recurring profits as dividends.

New gains in crude oil prices sent the oil and coal sub-index up 3.2 percent. Nippon Oil gained 4.7 percent to ¥873, while Inpex added 3 percent to ¥851,000.

The Japanese equities markets were up on Wednesday on heavy foreign buying as the Asian nation’s political turmoil began to ease.

The Nikkei 225 gained 1.7 percent to 12,098.08, its highest close since April 2004, while the Topix index closed 1.8 percent higher at 1,227,85, its highest close in four years.

Foreign buyers seemed to be accepting analysts’ opinions that Japan’s political troubles will not have any significant negative impact on the economy and could in fact be a positive factor in long-term economic growth.

There was also good news on several fronts. Machinery orders were strong, corporate goods price data pointed to an end of deflation, and the Cabinet Office monthly report contained a more positive assessment of the economy.

Foreign investors were especially interested in the machinery, steel, and textile sectors. Nippon Steel gained 1.4 percent to ¥292, and textile manufacturer Unitika was up 1.3 percent to ¥531. Quarterly reports also led to increases in share values. Mitsubishi Materials was up 6 percent on the day to ¥316 on the strength of its quarterly profits, which were reported on Monday.

Japan’s second biggest property developer, Mitsubishi Estate, gained 3.5 percent to ¥1,304 on a positive quarterly report. In the chemicals sector, Showa Denko gained 6 percent to ¥299 on a tripling of profits in the first half.

Retailers were up on the day as well, on reports that the political situation could delay implementation of a hike in the consumption tax. Department store chain Mitsukoshi added 2.7 percent to ¥531.

In Japan on Monday, the Nikkei 225 closed up 0.1 percent to 11,778.98 even though it was down by 1 percent at the end of morning trading, and the Topix ended the day 0.2 percent higher at 1,191.90 after being down by 0.9 percent tat the end of the morning.

Shares were down in the morning on uncertainty about what might happen if the upper house of parliament rejected Prime Minister Junichiro Koizumi’s post office privatization proposal.

However, as the losing outcome became clear and new elections were called, most analysts said they were convinced that not only would new elections not disturb Japan’s economy recovery, but that a change might actually be a positive thing for the economy.

It was especially thought that political parties trying to gain more political power might be reluctant to take fiscal tightening measures, something the present government has wished to impose.

Telemarketer Mishi Moshi Hotline, which was up by 4.2 percent on the day to ¥11,560, particularly stands to gain from a political campaign season as it provides public opinion poll services for the media. It also recently released it quarterly report, which showed an increase of 31 percent in net profits.

Consumer Credit company Credit Saison gained 5.9 percent to ¥3,950 on the news that it had a quarterly rise in net profits of 50 percent.

Mitsui Engineering Shipbuilding, however, was down by 4.5 percent to ¥212 after a report of quarterly losses four times higher than the same quarter in 2004 as well as a prediction of net losses in the six months ending in September due to high costs for materials.

The Tokyo equities markets were down again on Friday as investors worried about the consequences of a defeat for the prime minister’s plan to privatize the post office.

If the upper house of parliament does not approve the legislation, Prime Minister Junichiro Koizumi has promised to dissolve parliament and call elections.

The Nikkei 225 was down 0.98 percent to 11,766.48, while the Topix index lost 1.24 percent to 1,189.19. All 33 sectors of the Tokyo Stock Exchange were down on the day.

Banks were lower, with Mizuho Financial Group down 1.2 percent to ¥502,000, MTFG lost 1.2 percent to ¥943,000, and UFJ dropped 0.9 percent to ¥580,000.

Besides the uncertainty over the privatization vote, MTFG and UFJ were also affected by a report that that the two banks are delaying plans for a merger, a rumor that both banks denied.

Automobile manufacturers also saw major losses as Honda, Nissan, and Toyota each lost 1.9 percent of the value of their shares. Honda stood at ¥5,700, Nissan declined to ¥1,145, and Toyota fell to ¥4,170.

Not all individual shares were down, however. Condominium developer Haseko gained 9.3 percent to ¥258 on the announcement that it will buy back ¥142.8 billion in preferred shares from three banks.

Fuji Television gained 1.4 percent to ¥221,000 when it upped its profit estimate for the full year by 7 percent due to TV shopping and advertising revenues that are higher than expected. Fuji is Japan’s biggest private broadcaster.

In Tokyo on Wednesdsay, equities markets closed higher again on another group of positive quarterly reports.

The Nikkei 225 closed 0.35 percent higher at 11,981.80, its highest closing level in 15 months, after having peaked briefly above the 12,000 level for the first time in over a year. The Topix index ended the day up 0.2 percent at 1,212.02.

Gains were limited, however, by continuing uncertainty over what will happen if the upper house of parliament does not approve privatization of the post office in a vote schedule for Friday.

Prime Minister Junichiro Koizumi has threatened to call elections if the legislation, which he backs, is not approved.

Among those companies issuing quarterly reports was car and motorcycle manufacturer Suzuki, which gained 3.5 percent to ¥1,874 after it reported a higher than expected 4.6 percent gain in quarterly operating profits.

Amano, which makes time recording equipment, saw the value of its shares soar by 12.6 percent to ¥1,614 after it said that it more than doubled its operating profit in the most recent quarter. In response, Amano revised its forecast for the half-year ending in September.

Drugmaker Astellas added 5.3 percent to close at ¥3,790 on a 13 percent rise in quarterly profits due to strong sales.

Tokyo equities markets were down on Tuesday on profit taking from companies whose stocks had risen in recent days after they reported rises in quarterly earnings.

Domestic stocks were affected by concerns that Prime Minister Junichiro Koizumi’s plan to privatize Japan’s post office could be rejected when the upper house of parliament votes on the issue on Friday. Mr. Koizumi has said that he will call elections if the legislation is not approved.

Oil and coal was one of the few sectors to post positive results on the day, with the sector rising 2.3 percent overall. AOC gained 5.6 percent to ¥1,891.

Chip makers and related companies were also up, on data from the US Semiconductor Industry Association that showed strong first half sales and predicted even better results for the rest of the year. Advantest gained 1.7 percent to ¥9,160, while Tokyo Electron was up 1.8 percent to ¥6,250.

Audio equipment manufacturer Kenwood lost 1 percent to ¥201 after strong advances on Monday due to a positive quarterly report. Komatsu, the construction machinery manufacturer, also was a target for profit-taking, declining by 4.3 percent to ¥1,078 after big gains last week.

In Tokyo on Monday, equities markets reached their highest closing levels in four and a half months.

The Nikkei 225 gained 0.4 percent to 11,946.92, while the Topix index was up 0.55 percent to 1,211.61.

The gains came primarily on positive economic data and more better-than-predicted quarterly profits reports. Several reports were released on Friday and again on Monday showing Japan’s economy on the upswing.

Friday saw the release of good news on employment and industrial output, while on Monday figures were published that show both wages and the number of permanent jobs up in June.

The retail sector as a whole was up by 0.8 percent, echoed by a gain of 0.8 percent by supermarket chain Ito-Yokado, to ¥3,770.

The telecommunications sector also did well, with Japan’s largest mobile phone operator, NTT DoCoMo, showing a rise of 4.6 percent to ¥182,000 on a report that quarterly profits had risen even though revenues had fallen, with the credit going to cost-cutting measures. Another mobile phone operator, KDDI, was also up, by 6.3 percent to ¥576,000. Merrill Lynch upgraded KDDI to “buy”.

Not all stocks were up, however. Seasoning maker Ajinomoto was down 4.95 percent to ¥1,133 on a quarterly report that showed a 73 percent drop in group net profit at least partly due to higher prices for raw materials.

In Tokyo on Friday the Nikkei 225 found itself at yet another four month high at the close on a combination of hopeful economic data, including the best jobs-to-applicants figures in over 10 years, good quarterly earnings reports, and strong results on the day from several companies.

Even so, the market’s overall rise was held back by other earnings results that were not as strong as others. The Nikkei was up 0.35 on the day to 11,899.60, while the Topix index gained 0.3 percent to 1,204.98.

Matsushita Electrical Industrial was up 5 percent to ¥1,832 on a more positive quarterly earnings report than had been expected.

Sony, however, fell 3.6 percent on a weak quarterly report and a full-year forecast that was cut by over 80 percent. Sony blamed weak sales and price declines in its television division for the unfavorable report.

Electronic parts manufacturer Kyocera lost 3.4 percent to ¥7,930 on a report of a 61 percent decline in quarterly profits. UBS subsequently downgraded Kyocera to “Neutral 2”.

Cosmetics manufacturer Shiseido, Japan’s largest, gained 8.3 percent to ¥1,532 on a quarterly report that showed the company returning to profits.

The company gave credit for the improvement to good sales in Japan and China and upgraded its full-year profit forecast by 35 percent.

In Tokyo on Thursday, the Nikkei 225 was up 0.20 percent to 11,858.31, while the Topix index gained 0.23 percent to 1,201.72.

The steel and metals sectors were up for the second day in a row on the expectation of rising exports to China after the termini’s revaluation. Aichi Steel gained 3.4 percent to ¥640, Nakayama Steel Works was up 3.4 percent as well, to ¥515, and Kobe Steel advanced by 0.9 percent to ¥225, as the sector sub index gained 0.3 percent.

The nonferrous metals sub index was up even more, by 0.4 percent, helped by Sumitomo Electric’s gain of 4.6 percent to ¥1,241 after it reported an 81.5 percent jump in quarterly profits, to ¥13.5 billion.

The banking sector was helped by a comment from the governor of the Bank of Japan, who said on Wednesday that Japan’s economy could rise out of deflation within the next six months.

Also helping the sector was data showing an 0.1 percent month-on-month rise in retails sales in June. Mizuho Financial Group gained 2.4 percent to ¥505,000, MTFG was up 1.2 percent to ¥936,000, and Sumitomo Mitsui Financial Group advanced by 1.9 percent to ¥734,000.

Canon and Seiko both reported quarterly earnings that did not rise to expectations, sending their shares down on the day. Canon lost 4.7 percent to ¥5,660, while Seiko was down 5.3 percent to ¥3,320. Sony and Hitachi also reported quarterly losses.