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Tuesday September 18, 2:48 PMKyodo economic news summary -2-(Kyodo) _ ---------- U.S. fines Mitsubishi UFJ unit over lax anti-moneylaundering stepsWASHINGTON - U.S. authorities on Monday imposed penalty surcharges totaling $31.6 million on Union Bank of California, a unit of Japan's Mitsubishi UFJ Financial Group Inc., due to its lack of appropriate anti-moneylaundering measures. The punitive action, the fourth by U.S. authorities against group entities since 2004 regarding anti-moneylaundering measures, could delay MUFG's plan to launch full securities operations in the United States. The group has been gearing up to establish a financial holding company in the United States to that end. ---------- No serious fallout from U.S. subprime woes on Japan economy: Nukaga TOKYO - The ongoing U.S. subprime mortgage problem has not had any serious impact on the Japanese economy, Finance Minister Fukushiro Nukaga said Tuesday. "I don't think there is any serious fallout in Japan (from the issue)," he said at a news conference. ---------- Gov't panel calls for fair cellphone marketing rules TOKYO - The communications ministry's panel on mobile phone business matters called on cellphone firms Tuesday to review their marketing practices. The practices involve the firms selling handsets cheaply and later recouping uncovered costs via high phone service charges. ---------- JR East makes new system to automatically send emergency signals TOKYO - East Japan Railway Co. has developed a system enabling trains to automatically radio each other warnings when a serious accident occurs, company officials said Tuesday. The new system was developed because a crew of the train involved in a fatal derailment in Amagasaki, Hyogo Prefecture, in 2005 failed to activate an emergency system. ---------- Toshiba in talks to sell ex-head office in Ginza to Tokyu Land TOKYO - Toshiba Corp. is negotiating to sell one of its buildings as well as the land it occupies in Tokyo's upscale shopping district of Ginza to Tokyu Land Corp., officials with the major electronics manufacturer said Tuesday. The company wants to use the sales proceeds to invest in its semiconductor business, the officials said. The sale price, though yet to be decided, is estimated at 150 billion yen, according to industry observers. ---------- Japanese household assets hit record 1,555 tril. yen in June TOKYO - The balance of financial assets held by Japanese households rose 2.9 percent from the previous year to hit a record high 1,555.40 trillion yen as of June 30, due partly to rises in Japanese stock prices, the Bank of Japan said Tuesday. The BOJ's preliminary quarterly reports on flow of fund accounts showed the household assets reached the highest level since the central bank began the survey in fiscal 1979. ---------- Japan's service industry activity index down 0.5% in July TOKYO - Japan's service industry activity index fell 0.5 percent in July from the previous month on bad whether, the Ministry of Economy, Trade and Industry said Tuesday. The tertiary industry index, a measure of demand for services, which in June rose 0.1 percent, came to a seasonally adjusted 109.7 against the base of 100 for 2000, METI said in a preliminary report. ---------- Nikkei falls below 16,000 line on Wall Street's drop TOKYO - Tokyo stocks fell sharply Tuesday morning, pushing the benchmark Nikkei index below the psychologically crucial 16,000 line, as investors sold recent gainers on overnight falls in U.S. equities. The 225-issue Nikkei Stock Average lost 286.11 points, or 1.77 percent, to 15,841.31. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 27.80 points, or 1.80 percent, to 1,516.91. Tokyo markets were closed for a national holiday on Monday. ---------- Dollar falls to 114 yen level in Tokyo morning TOKYO - The U.S. dollar fell to the 114 yen level Tuesday morning in Tokyo, under pressure amid continued mortgage woes, while investors tried to reduce risk before the U.S. rate announcement later in the day. At noon, the dollar was quoted at 114.93-98 yen, down from 115.07-17 yen at 5 p.m. Monday in New York and 114.98-115.01 yen at 5 p.m. Friday in Tokyo. Tokyo financial markets were closed for a national holiday Monday. ---------- Key 10-year JGB yield unchanged in morning TOKYO - The yield on the benchmark 10-year Japanese government bond was unchanged Tuesday morning with investors tentative ahead of a U.S. Federal Reserve policy meeting. In interdealer trading, the yield on the No. 288, 1.7 percent issue was little changed from Friday's close at 1.540 percent. |
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