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Market Update : 
Fukoka Financial Plunge, Tokyo Stocks Down
Author: 123jump.com Staff
123jump.com
Last Update: 4:40 PM EDT April 08 2008

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In Tokyo trading Nikkei 225 plummeted 1.49% or 199.8 at 13,250.43, and the broader Topix Index fell 1.8% or 22.94 at 1,282.69. Diet in Japan is expected to vote on the appointment of Masaaki Shirakawa as the BOJ governor. The post had been vacant for the first time in eighty years. Separately, private report showed that corporate bankruptcies rose 7.7% in fiscal 2007, for the second year in a row.

 
Chipmakers also fell after iSuppli markedly slashed the 2008 sales estimates for chips used in both cameras and mobile phones from 27% to 9%. Advantest Corp. shed 5.53% and Tokyo Electron fell 3.78%.


JFE Holdings Inc and IHI Corp to merge shipbuilding operations

JFE Holdings and IHI Corp. today made a joint statement on the stock exchange expressing their intention to merge their shipbuilding operations creating the world’s sixth largest shipbuilder.

IHI wholly owned IHI Marine United Inc. unit will be merged with Universal Shipbuilding Corp., which is 85% owned by JFE with annual sales of 345 billion yen.
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