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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Devin123 who wrote (33746)	8/30/2001 1:35:42 PM
From: Devin123	Respond to of 37746

Japan's Industrial Output, Retail Sales Drop Sharply A WALL STREET JOURNAL ONLINE News Roundup TOKYO -- A sharp drop in industrial output and retail sales dealt another blow to confidence in Japan's faltering economy, sending Tokyo share prices to 17-year lows. Japan's industrial output shrank by an unexpectedly large 2.8% in July, posting its fifth straight month of declines on slowing worldwide demand for semiconductors and electronics goods, the government said Thursday. Economists surveyed by Dow Jones Newswires, on average, had expected output at the nation's plants and oil refineries to fall by 2.2%, from June. Japanese Call for Action as Jobless Rate Hits 5% The decline reported by the Ministry of Economy, Trade and Industry reaffirmed worries that the country's worst slump in decades continues. Production in the world's second-largest economy slid in June by 0.7% and in May by 1.2%. Japanese manufacturers have cut back output as exports fall and demand at home slackens. That has hurt workers' salaries and accounted for the nation's record-high unemployment rate. The government announced on Tuesday that the country's jobless rate rose to 5% in July, the worst figure ever. The ministry said the outlook for manufacturing remains mixed, forecasting a 4.3% rise in August and a 3.0% decline in September. The benchmark 225-issue Nikkei Stock Average on Thursday shed 41.31 points, or 0.38%, to close at 10,938.45 -- its lowest finish since ending at 10,928.68 on Oct. 20, 1984. Retail Sales Fall Also Thursday, the government said Japan's retail sales fell for the fourth straight month in July, declining 2.7% compared with the earlier year to 11.383 trillion yen (US$94.7 billion). Japanese worried about being shed from payrolls have been reluctant spenders, hurting sales at the nation's shops and department stores. Department stores and other big retailers said their July sales dropped 3.0% on year to 2.067 trillion yen, after adjustment for the change in the number of stores, the Ministry of Economy, Trade and Industry said. It was the 39th straight month that sales fell. Economists predict sales will continue falling in coming months, stymieing Japanese policy-makers' efforts to wrest its economy from a decade-long downturn. Japan's Prime Minister Junichiro Koizumi has vowed to revive the economy with a plan of painful reforms, which are expected to suppress growth in the short term in the hopes of sparking an economic revival. Business Sentiment Down Separately Thursday, Shoko Chukin Bank said its business sentiment index for small- and medium-sized companies fell for the 11th straight month in August, dropping to 39.7 from 40.1 a month earlier. "This is the worst figure for this index since June 1998, when Japan was embroiled in a financial crisis," said Akihiro Azuma, a research analyst at Shoko Chukin Bank. "This shows the severity of business conditions among small and medium-sized firms." August marked the 65th straight month that the index was below 50. The bank considers a reading above 50 as indicating an improvement in respondents' perception of business conditions, while a figure below 50 indicates a deterioration.

To: Devin123 who wrote (33746)	8/30/2001 1:37:57 PM
From: American Spirit	Read Replies (2) \| Respond to of 37746

NOK at 14.76 so far so good. I spend a lot of time in Europe and the last thing people will give up is cell phones. NOK remains the dominant player. If they're indeed losing market share, which is doubtful, it was just priced in with a 10% drop. Also 90% of Generation Y'ers in the US are predicted to be cell phone owners within 2 years (something I read), currently 40-50%. I'm not buying aggressively just hoping pre-weekend jitters are the short-term bottom.