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Thursday June 21, 9:21 AMNikkei down 0.2 pct; autos down but fall limitedTOKYO, June 21 (Reuters) - A decline in U.S. stocks helped push Japanese stocks 0.19 percent lower on Thursday, with investors locking in profits in gainers such as Honda Motor Co. Ltd. and other auto issues, but the drop was limited on investor hopes for U.S. economic strength.Shares of Jaccs Co. Ltd. jumped more than 10 percent after Mitsubishi UFJ Financial Group Inc. (MUFG) , Japan's largest bank, said on Thursday it was considering a capital and business alliance with Jaccs. [ID:nTFA002919] "The fall is limited as market sentiment is not too bearish," said Yoku Ihara, manager of the investment information department at Retela Crea Securities. "Investors now appear to think economic growth in the U.S. could prove more profitable to Japanese companies than negative, even if that means higher interest rates." Ihara also said investors are picking up heavy machinery stocks such as Mitsubishi Heavy Industries Ltd. and Ishikawajima-Harima Heavy Industries Co. Ltd. (IHI) as a series of recent news about demand for aircraft sparked investor hopes for their profitability. The Nikkei share average was down 35.30 points at 18,176.38 as of 0053 GMT. The broader TOPIX index shed 0.13 percent to 1,781.48. Jaccs rose 10.1 percent to 566 yen, and shares of MUFG were unchanged at 1.41 million yen. Shares of Mitsubishi UFJ Nicos jumped 5.6 percent to 380 yen. MUFG's comment was issued in response to a report in the Nikkei business daily that MUFG was planning to raise its stake in Jaccs to above 20 percent from 7 percent now, and then merge Jaccs' consumer credit operations with Mitsubishi UFJ Nicos. Kobe Steel Ltd. added 1.1 percent to 477 yen after Japan's fourth-largest steelmaker announced it had licensed its ironmaking technology to Cleveland-Cliffs Inc. . [ID:nT230471] Shares of Mitsubishi Heavy were up 1.3 percent at 813 yen, and IHI climbed 3 percent to 454 yen. Honda lost 0.9 percent to 4,370 yen, and Toyota Motor Corp. shed 0.5 percent to 7,700 yen. |
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