TOKYO, Feb. 19 (Kyodo) — ———- Shinsei Bank proves popular on TSE debut
TOKYO – Shinsei Bank attracted great attention on its first day of trading on the main section of the Tokyo Stock Exchange (TSE) on Thursday, ending the day at 827 yen, 57.5% higher than its initial public offering (IPO) price.
The stock’s initial quoted price was 872 yen, considerably higher than the IPO price of 525 yen per share. The initial price was struck at 12:45 p.m., after the stock kept rising with bid-only prices.
———- Mizuho to issue subordinated bonds in U.S., Europe
TOKYO – Mizuho Financial Group Inc. said Thursday it will issue dollar- and euro-denominated subordinated bonds in the U.S. and European markets through an overseas subsidiary in order to reinforce its capital base.
Mizuho said it will be the first Japanese bank to issue euro-denominated subordinated bonds.
———- Rakuten reports record sales, profits for year to Dec.
TOKYO – Rakuten Inc., Japan’s biggest Internet shopping mall operator, said Thursday its group pretax profit surged 97.9% in the year to Dec. 31 from the previous year to a record 4.44 billion yen on an increase in tenants at its mall.
Rakuten said its group operating profit rose 86.2% to a record 4.75 billion yen on an 82.8% gain in revenues to a record 18.08 billion yen.
———- Fuji Electric, Fuji Logistics, Toyota Industries in distribution deal
TOKYO – Fuji Electric Holdings Co. and its subsidiary Fuji Logistics Co. have agreed with Toyota Industries Corp. to form an alliance in distribution services, the three companies said Thursday.
Under the agreement, Fuji Logistics, a distribution firm, and Toyota Industries, a maker of automotive equipment and forklifts, will set up a joint venture in April to expand distribution services, they said in a press release.
———- Mitsubishi Motors raises net loss estimate for year to March
TOKYO – Embattled Japanese automaker Mitsubishi Motors Corp. said Thursday it has raised its group net loss estimate for the business year to March 31 due to a slump in sales in North America.
Mitsubishi Motors, owned 37% by DaimlerChrysler AG, said it now expects a group net loss of 72 billion yen against the 11 billion yen projected last November.
———- Dollar approaches 107 yen line, overcoming early selling in Tokyo
TOKYO – The U.S. dollar overcame early selling and attempted to retake the 107 yen line Thursday in Tokyo as hedge funds running short-term funds continued to buy back the currency.
At 5 p.m., the dollar was quoted at 106.72-74 yen, compared with Wednesday’s 5 p.m. quotes of 106.70-80 yen in New York and 105.57-60 yen in Tokyo. It moved between 106.30 yen and 106.88 yen during Thursday trading in Tokyo, trading most actively at 106.60 yen.
———- Yield on key JGB at 6-month low on deflation concerns
TOKYO – The yield on the key 10-year Japanese government bond (JGB) issue fell to a six-month low Thursday on buying prompted by a view that deflation will continue to place pressure on the economy.
In interdealer trading, the yield on the key No. 257 10-year, 1.3% government bond issue fell 0.015 percentage point from Wednesday to 1.210%, the lowest level for a benchmark bond issue since Aug. 18 when it also ended at 1.210%.
