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Market Update : 
Kirin, Seiko Fall on Earnings
Author: 123jump.com Staff
123jump.com
Last Update: 10:15 PM EDT May 01 2008

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Stocks in Japan fell on the downgrade of economic growth by the Bank of Japan and a spate of negative earnings news from Kirin Holdings and Seiko Epson Corp. March cash earnings of employees rise 1.2% at small companies and 1.4% at large and mid-size companies. Seiko Epson reported that annual profit for the year ended March 31st fell to 19 billion yen as net sales fell 4.8% to 1.3 trillion yen from 1.4 trillion a year earlier.

 
Sumitomo Trust & Banking and other financial stocks fell on speculation that the central bank is not likely to raise the benchmark rate this year. Mizuho Financial Group shed 5%, Resona Holdings fell 4% and Mitsubishi UFJ Financial Group tumbled 3.76%.

Seiko Epson profit declines

Seiko Epson reported that annual profit for the year ended March 31st fell to 19 billion yen as net sales fell 4.8% to 1.3 trillion yen from 1.4 trillion a year earlier.

During the year sales in the inkjet printer market was largely flat as growth in the Asia and Europe offset slowing growth in Japan and the U.S.
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