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Market Update : 
Marubeni Declines 6%, Nikkei Down 18%
Author: 123jump.com Staff
123jump.com
Last Update: 9:26 AM EDT March 31 2008

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Marubeni will close an investment fund that invested in structured investment vehicles. Separately Lehman is likely to sue Marubeni to recover $350 loss. Marubeni fell 6%. Stocks in Japan and Asia closed lower. In Tokyo trading Nikkei 225 dropped 2.3% or 294.93 at 12,525.54 and the broader Topix Index fell 2.5% or 30.85 at 1.212.96.

 
Pioneer Corp rose after Nomura cut its rating to “reduce” in the wake of a rising yen and slowing U.S. growth.

Marubeni Corp. fell after reporting that it has elected to post a lump sum the losses from the fund management operations of Marubeni International Finance Plc as the market value of the losses in the portfolio declined significantly amid the rapid credit crunch. Marubeni Corp has decided to withdraw from fund management operations through investment in structured securities.

The company also fell on reports that Lehman Brothers will file a lawsuit claiming that it was defrauded $355 million which company denies any knowledge of.

Company news

Elpida Memory Inc President Yukio Sakamoto told Bloomberg Television that it will inform computer makers that it plans to increase price 10% in the first half on increasing demand.
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