Japan Stocks Mixed; Softbank Falls as Toyota Rises; Samsung Leads Korea Up
By Jim Bonner
Japan Stocks Mixed; Softbank Down, Toyota Rises; Korea Gains
Tokyo, Feb. 23 (Bloomberg) - Japanese Internet-related shares
fell, led by Softbank Corp. on concern their earnings won't match
their share price gains over the past 12 months if the Federal
Reserve slows economic growth in the U.S.
Exporters such as Fuji Photo Film Co. and Toyota Motor Co.
rose, limiting losses by major indexes, as some investors judged
their price underperformance last year unjustified given the
effect of a weaker yen on their earnings outlook this year.
''Many people have turned away from the pure Internet stocks
recently, have seen the yen weaken and said 'Let's go for the
classic exporters,''' said Martin Keeble, joint head of dealing at
Schroders Japan Ltd.
The Topix index of all shares on the Tokyo Stock Exchange's
first section slipped 0.47, or 0.03 percent, to 1644.12. The
Nikkei 225 average dropped 17.54, or 0.1 percent, to 19,373.04.
In other markets, Korea's Kospi index rose 1.1 percent, led
by Samsung Electronics Co. as investors anticipated moves to boost
exchange-listed stocks that have been sold in favor of over-the-
counter shares this year. Australia's All Ordinaries Index rose
0.8 percent, as Cable & Wireless Optus Ltd. gained on plans to
target the young with its mobile phone services.
Softbank, which has climbed nearly 2,000 percent since this
time last year, fell 6,000 yen to 157,000 and was the most active
issue by value with 104 billion yen ($942.8 million) of shares
traded.
Hikari Tsushin Inc., which sells cellular phone handsets and
e-mail services and which gained 1,400 percent over the same time,
fell 12,000 yen to 198,000.
Fuji Photo Film Co., the world's second-largest photographic
film maker, rose 90 yen to 5,090. The stock underperformed the
Topix index 40 percent in the six months between last July and
December. Toyota, Japan's No. 1 automaker and which underperformed
the Topix 36 percent over the same period, gained 30 to 4,490.
The dollar last bought 110.35 yen. The Japanese currency has
fallen 8 percent so far this year, boosting the value of earnings
in the U.S. The yen has fallen on concern about the sustainability
of Japan's economic recovery.
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