Japanese shares gained for a second day, with the Topix Index extending a 4 1/2-year high, as utilities climbed on optimism nuclear power plants may be restarted and Nippon Yusen KK and Osaka Gas Co. advanced on prospects for U.S. shale gas imports.
Olympus Corp. will cut about 7 percent of its workforce and may consider an alliance as the Japanese camera maker seeks to recover after writing down assets following a $1.7 billion accounting-fraud scandal.
Olympus Corp., the Japanese camera maker that admitted a 13-year accounting fraud, predicted an annual loss that was worse than analysts’ estimates as it wrote off equipment damaged by Thailand’s record floods.
Nexon Co., a creator of games for Facebook Inc., fell on its first day of trading after holding Japan’s biggest initial share sale this year as investors worried that the social-gaming market may be saturating. The developer of titles including “Zombie Misfits” declined 2.3 percent to 1,270 yen at the close in Tokyo trading. The stock debuted at 1,307 yen, compared with its IPO price of 1,300 yen. “The opening price was 7 yen higher than the offer price; I was relieved to be honest,” President Seung-woo Choi told reporters in Tokyo. “The Japanese market is stable. That’s one of the reasons we chose Japan” for the listing, he said. Like Zynga Inc., another Facebook game developer set to sell shares tomorrow, Nexon earns revenue by letting users play for free and charging them for virtual goods. Titles played on social-networking sit
Toyota Motor Corp. placed such importance on the Indian-built Etios compact that it was the only new car the company didn’t delay amid the global financial crisis. President Akio Toyoda needs it to escape a sales ranking of seventh in Asia’s second-fastest growing major economy.
Honda Motor Co. became the first Japanese automaker to build cars in the U.S. 28 years ago in part to fulfill a long-held goal of founder Soichiro Honda . The company’s success in shifting production is shielding profits from the yen’s advance to a 15-year high against the dollar.