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To: russwinter who wrote (23971)	1/3/2005 5:32:30 AM
From: Crimson Ghost	Respond to of 110194

Many Japanese executives expect the economy to slow in 2005, but most still look for higher profits: TOKYO, Jan. 3, Kyodo - A majority of surveyed chief executive officers at major Japanese corporations expect Japan's economy to either remain flat or recede slowly in 2005 due mainly to unfavorable overseas factors, according to a Kyodo News survey conducted in mid-December. Covering top executives at 105 companies including Nippon Steel Corp., Toyota Motor Corp., Sony Corp. and Mitsubishi Tokyo Financial Group Inc., the survey found 44 percent of them expecting the Japanese economy to continue its moderate expansion into 2005. Many of the executives with bullish views pointed out that corporate capital spending will keep increasing while the adverse effect of bad loans in the banking sector will continue to ease. Some others based their views on expectations of China's continued economic growth and a pickup in earnings at Japanese companies. In contrast, 20 percent of the 105 executives forecast a gradual slowdown in economic activity, while 32 percent predicted it will remain flat. A possible downturn in U.S. economic activity was the No.1 reason for their concerns about Japan's economic outlook. The yen's appreciation and higher prices of crude oil and raw materials are also among matters of concern mentioned by them. With regard to corporate earnings in fiscal 2005, 52 executives said their companies will score moderate profit gains and two forecast a steep increase in profits. In addition, three executives predicted profit falls, while profits were forecast to level off at 13 companies. The expected exchange rates of the yen in 2005 are between 90 and 130 to the dollar, while the 225-issue Nikkei Stock Average is projected at 24,000 at the highest and 9,000 at the lowest.