Tokyo tumbles on last business day


Bank shares were down sharply Friday

HONG KONG, China -- Tokyo shares closed sharply lower Friday, the last day of the business year for Japan, while most other markets were closed for the observance of Good Friday.

Bank shares bore the brunt of the falls, after the release of weaker than expected data on jobs, industrial production and consumer prices triggered a selloff.

The benchmark Nikkei 225 average ended the day down 308.17 points, or 2.72 percent, at 11,024.94, while the broader capital-weighted Topix slipped 22.24 points, or 2.05 percent, to 1060.19.

Elsewhere in the region, Taiwan shares dropped on concerns over weak corporate sales, but the market in South Korea gained a little as techs tracked rises in their U.S. counterparts.

On Thursday, the Dow Jones Industrial average slipped 0.22 percent to 10,403.94, while the tech-heavy Nasdaq composite index added 1.02 percent to 1845.35.

Australia, New Zealand, Singapore, the Philippines and Hong Kong were all closed for the Good Friday holiday.

Disappointing data


Taiwan slipped too, but chip foundry TSMC was a rare gainer

In Tokyo investors shied away from the market after the Japanese government announced industrial output rose a less than expected 1.3 percent in February from a month earlier. Consumer prices also fell, while the unemployment rate was stable at 5.3 percent.

The economic indicators provided no joy for the Koizumi administration, which is struggling to push through reform of the banking system and get the economy growing again.

There had been recent signs of optimism. On March 11, the Nikkei hit a seven-month closing high of 11,919.30, a gain of 2500 points from a trough in early February of 9,420.85, an 18-year closing low.

Next week, there are hopes for a firm start to the new financial year. Fresh buying from pension funds and other institutions may follow Monday's Bank of Japan 'tankan' survey of corporate sentiment, analysts said.

In the banking sector, Mizuho Holdings fell 14,000 yen or 4.43 percent to 302,000 yen, UFJ Holdings lost 13,000 yen or 4.1 percent to 305,000 yen and Sumitomo Mitsui Banking Corp dropped 4 percent to 530 yen.

The other "big four" bank, Mitsubishi Tokyo Financial Group, was down 2.2 percent to 792,000 yen.

Carmakers decline

Automaker Toyota Motor Co dropped 4.45 percent to 3650 yen, Honda Motor declined 3.4 percent to 5380 yen and Nissan fell 2.1 percent to 938 yen.

Consumer electronics giant Sony Corp slipped 2.76 percent to 6700 yen, while Toshiba was a rare gainer, up 1.62 percent to 564 yen.

Japan's leading mobile phone carrier, NTT DoCoMo, eased 2.2 percent to 352,000 yen and parent NTT dropped 1 percent to 504,000 yen.

Shares in Seoul closed fractionally higher Friday as index heavyweight Samsung Electronics Co tracked U.S. chip shares.

The benchmark Kospi added 2.91 points or a third of a percent to 895.58.

Samsung Electronics rose 2.94 percent to 368,000 won, tracking a 2.35 percent gain in the Philadelphia Stock Exchange semiconductor index. But Hynix Semiconductor slipped 7.4 percent to 1440 won.

Among telcos, KT Corp eased 1.1 percent to 62,300 won and SK Telecom was down 0.68 percent to 290,000 won.

Chohung Bank gained after a local newspaper said U.S. financial giant Citibank and four other investors have been bidding for a credit card unit of the Korean bank.

Taiwan drifts lower

Taiwan stocks drifted lower, with the main Taiex share index slipping 42.45 points, or 0.68 percent, to 6167.47.

Taiwan manufacturing usually slumps in the first half of the year, after peaking in the run up to the Christmas holidays as exporters fill orders from the U.S. and Europe.

TSMC, the world's largest contract chipmaker, was one of the few stocks to rise. It gained T$1.50, or 1.58 percent, to T$96.50. UMC was about 1 percent lower at T$52.50.

Taiwan bans any microchip investment by local firms in China, but the government is considering allowing investments in older eight-inch wafer technology.