News Column

Kyodo news summary -5-

July 10, 2014



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Fast Retailing cuts net profit outlook for year to Aug.

TOKYO - Fast Retailing Co., operator of the Uniqlo casual clothing chain, revised downward on Thursday its group net profit outlook for the business year through August as it expects to book an extraordinary loss over money-losing Los Angeles-based subsidiary J Brand Holdings.

With the special loss estimated at 16 billion yen, the Japanese retail giant is now expecting a group net profit of 78 billion yen, down 10 billion yen from the earlier forecast 88 billion yen.

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Japan's key bond yield ends flat at 0.540%

TOKYO - The yield on the bellwether 10-year Japanese government bond finished flat Thursday in directionless trading.

The yield on the No. 334, 0.6 percent issue, the main yardstick of long-term interest rates, ended interdealer trading at 0.540 percent, unchanged from Wednesday's close.

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Tokyo office vacancy rate falls for 12th straight month

TOKYO - The average office vacancy rate in central Tokyo at the end of June fell 0.07 percentage point from a month earlier to 6.45 percent, marking the 12th straight monthly decline, a real estate broker said Thursday.

The rate in the capital's five central wards of Chiyoda, Chuo, Minato, Shinjuku and Shibuya was the lowest since 6.05 percent in March 2009, Miki Shoji Co. said.

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Japan's consumer confidence improves in June amid wage hike hopes

TOKYO - Japan's consumer confidence improved for the second straight month in June as households grew more willing to make major purchases on the back of hopes for wage hikes amid economic recovery, government data showed Thursday.

The seasonally adjusted index of sentiment among households consisting of two or more people rose 1.8 points from the previous month to 41.1 in June, the Cabinet Office said, the second straight monthly gain following five months of decline.

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S. Korea rejects rescue group's bid to visit N. Korea: Yonhap

SEOUL - South Korea's government has rejected a local rescue group's request to visit North Korea to help manage the aftermath of an apartment building collapse that occurred in Pyongyang almost two months ago, Yonhap News Agency reported Thursday.

"Nearly two months have passed since the accident, and there are some signs that the North has already begun a new construction project at the site. So we think it is not appropriate for the group to visit there for rescue operations," an unidentified official from South Korea'sUnification Ministry was quoted as saying.



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Source: Japan Economic Newswire


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