8:30 PM Tokyo – Tokyo stocks were flat as earnings release accelerate this week. Sony replaced its chief executive as losses in its TV unit mount. Nomura reported a slight profit after the close and Sumitomo Heavy lowered annual earnings outlook. All Nippon Air lifted its operating earnings estimate.

Stocks in Japan were flat as investors digested a barrage of earnings from several companies. More than 500 companies are expected to release earnings this week.

Investors are looking for the clues on the impact of natural disasters on earnings and most companies are lowering expectations but also indicating stronger growth in the first two quarters of the year. However, rising yen and weak economic environment in the Europe is holding back the optimism.

The Nikkei 225 Stock Average rose 7.28 to 8,809.79 and the broader Topix index increased 0.4% to 757.96.

The yen rose to a 3-month high against the dollar to 76.16.

Trading volume increased on Wednesday to 2.15 billion from 2.07 billion on Tuesday.

Stock Movers

Toyota Motor increased 45 yen to 2,855 yen and Honda Motor Co. rose 8 yen at 2,674 yen and Nissan Motor Co Ltd increased 9 yen to 728 yen. Suzuki Motor Corp rose 17 yen to 1,755 yen.

After the close yesterday, Honda lowered its annual earnings outlook to 200 billion largely on the supply chain problems and stronger yen.

Sony Corp decreased 27 yen to 1,364 yen, Panasonic Corp traded flat at 617 yen and Canon Inc closed down 20 yen to 3,270 yen. Nintendo Co. Ltd decreased 20 yen to 10,250 yen.

Sony replaced its chief executive after eight years of weak performance and appointed Kazuo Hirai. Hirai, 51 will replace Howard Stringer, 69 and assume position in April. Sony is facing multiple challenges in its several businesses and once its popular TV business is expected to lose 175 billion yen in the current fiscal year.

Sony is facing rising yen and losing market share to its Korean TV rivals and strong competition for its Vaio computers and PlayStation game consoles from the U.S. makers.

All Nippon Airways Co. Ltd increased 6.7% to 237 yen after the international carrier lifted its operating earnings outlook by 30%.

Okuma Corp rose 3.8% or 21 yen to 574 yen after the machine tool maker reported net income of 4.72 billion yen for the nine months ending in December compared to a loss of 2.53 billion yen on 46% rise in sales.

Olympus Corp closed down 18 yen at 1,267 yen and Fujifilm Holdings Corp extended losses for the second day by 1.4% to 1,782 yen.

Nikon was unchanged at 1,866 yen, Fanuc Ltd closed down 140 yen to 12,670 yen and Kyocera rose 40 yen to 6,540 yen.

Unicharm Corporation gained 2% to 4,090 yen after the diaper maker said it will expand and build a second factory to increase its production.

Mitsui O.S.K. Lines, Ltd increased 17 yen to 305 yen, Kawasaki Kisen Kaisha, Ltd fell 3 yen to 221 yen and Nippon Yusen K.K. increased 11 yen to 204 yen.

Sumitomo Heavy Industries plunged 9.8% to 440 yen after the infrastructure company lowered its net income outlook 29% to 20 billion yen compared to a year ago on higher construction costs and tax adjustments.

Tokyo Electric Power Company, Inc decreased 7 yen to 202 yen.

Fast Retailing Co. increased 70 yen to 15,220 yen and J. Front Retailing Co. Ltd closed down 5 yen at 370 yen.