In Tokyo on Monday the Nikkei 225 fell 2.24 percent to 16,438.47 and the Topix index dropped 1.77 percent to 1,563.07, but the Mothers market of small and mid-caps managed a 1.04 percent gain to 911.42.

Exporters dropped as the yen strengthened in relation to the US dollar.

Construction machinery manufacturer Komatsu (TYO: 6301) was 2.9 percent lower to ¥3,720 after its US rival Caterpillar (NYSE: CAT) cut its profits outlook on a downturn in sales in the United States.

Game console maker Nintendo (TYO: 7974; NAS: NTDOY; FWB: NTO) was also 2.9 percent lower to ¥64,800, while automobile manufacturers Toyota (TYO: 7203.T; NYSE: TM; LSE: TYT) and Honda (TYO: 7267; NYSE: HMC) each fell 2.1 percent, to ¥6,120 and ¥3,750 respectively.

It was Honda’s lowest close in a month and a 14-month low for Toyota.

Banks were still in the doldrums, with Mitsubishi UFJ trading even at ¥1,027 after early-session declines and Sumitomo Mitsui down 0.6 percent to ¥832,000 even though the consumer finance sector, in which they hold stakes, was much higher on the session.

Acom (TYO: 8572) gained 14 percent to ¥3,000 while Aiful (TYO: 8515) added 18 percent to ¥2,670.

In Tokyo on Wednesday both the Nikkei 225 and the Topix index closed at their lowest level this year.

The Nikkei was down 2.2 percent to 16,475.61, while the Topix dropped 2.6 percent to 1,594.15.

The Mothers market fell 2.66 percent to 751.69.

While Japan’s finance minister said that the problems in the US subprime market “seems to have past its peak”, banks were still lower after Mitsubishi UFJ (TYO: 8306; NYSE: MTU) and Sumitomo Mitsui (TYO: 8316) reported losses involving mortgage-related securities.

Mitsubishi UFJ was 5.3 percent lower to ¥1.08 million after it said its unrealized subprime-related losses amounted to ¥5 billion, while Sumitomo Mitsui was down 5.9 percent to ¥920,000 after reporting that it had lost “billions” of yen in the quarter ending 30 June after it sold ¥350 billion in mortgage-backed securities.

In addition, Orix Corp (TYO: 8591), Japan’s largest non-bank lender dropped 6.6 percent to ¥23,340 even though the company’s president said that it is not exposed to the US subprime market.

Exporters were hurt by a strengthening yen.

Honda Motor (TYO: 7267; NYSE: HMC) was down 2,7 percent to ¥3,920, while Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) fell 3 percent to ¥6,850.

Construction equipment manufacturer Komatsu (TYO: 6301) dropped 3.9 percent to ¥3,410.

In the electronics sector, Sony (TYO: 6758; NYSE: SNE) was 2.7 percent lower to ¥5,520, while Matsushita (TYO: 6572; NYSE: MC) was down 5 percent to ¥2,015 after mobile phone maker Nokia (OMX: NOK1V; NYSE: NOK; FWB: NOA3) said it would replace Matsushita-manufactured batteries that ran a risk of overheating during recharging.

In the retail sector, Seiyu Ltd (TYO: 8268) - Wal-Mart’s Japanese unit - was 10 percent lower to ¥114 after saying it will post its fifth annual loss in a row, likely in the neighborhood of ¥5.9 billion.

Tokyo Electric Power (TYO; 9501) fell 2.9 percent to ¥3,030 even though the International Atomic Energy Agency reported that an inspection showed that damages from last month’s earthquake looked to be less than had been anticipated.

In Tokyo on Wednesday the Nikkei 225 added 0.64 percent to 17,029.28, while the Topix index gained 0.53 percent to 1,669.04.

On the other hand, the Mothers market dropped 2.15 percent to 783.78.

Condiments maker Bull-Dog Sauce (TYO: 2804) dropped 16 percent, the most the exchange allows in a day, to ¥530 after it revised its annual profit forecast from a gain of ¥500 million to a loss of ¥980 million due to its spending to repel a hostile takeover by hedge fund Steel Partners, which said that it was reducing its bid for Bull-Dog Sauce from ¥1,700 per share to ¥425 per share.

With machinery orders down 10.4 percent in June, much more than analysts had expected, machinery makers saw declines. Komatsu (TYO: 6301) fell 4.6 percent to ¥3,550 while Amada Co (TYO:6113), which produces metal cutting machines and automation systems, dropped 5.6 percent to ¥1,345.

Banks, down recently, saw gains after a series of declines. Mitsubishi UFJ (TYO: 8306; NYSE: MTU) gained 3.5 percent to ¥1.2 million, while Mizuho (TYO: 8411; NYSE: MFG) was up 3.6 percent to ¥712,000.

The telecommunications sector was also higher as new data showed that several mobile phone operators have gained subscribers.

NTT DoCoMo (TYO: 9437) was 3 percent higher to ¥171,000, while Softbank (TYO: 9984) was up 4.5 percent to ¥2,555 and KDDI (TYO: 9433) gained 5.2 percent to ¥808,000.

Besides the new subscriber data, KDDI was also reported to be joining with Kyocera (TYO: 6971; NYSE: KYO), its biggest shareholder, to apply for the necessary permits to offer wireless internet services.

The Tokyo equities markets were lower on Monday as the Nikkei 225 and the Topix index each dropped 1.1 percent, to 17,963.64 and 1,757.29 respectively.

The declines came after losses in New York on Friday and on polls over the weekend that showed Japan’s ruling party could see a defeat in next Sunday’s elections for the Upper House of its parliament.

Some analysts believe that a major defeat could mean a resignation from Prime Minister Shinzo Abe that could send both equities and the yen lower, at least temporarily.

Tokyo Electric Power (TYO: 9501) saw another loss, falling 2.7 percent to ¥3,230 in the wake of last week’s earthquake.

Also seeing further losses was the telecommunications sector, after some major mobile phone providers cut prices last week.

KDDI (TYO: 9433) was 2.7 percent lower to ¥830,000, while NTT DoCoMo (TYO: 9437) dropped 2.8 percent to ¥176,000.

Softbank (TYO: 9984), which did not announce a price cut, was down 3.4 percent to ¥2,575.

The construction machinery sector was lower after a worse-than-expected quarterly report from US company Caterpillar (NSYE: CAT).

Hitachi Construction Machinery (TYO: 6305) fell 1.2 percent to ¥4,980, while Komatsu (TYO: 6301) dropped 1.3 percent to ¥3,940.

The Tokyo markets moved little on Tuesday, with the Nikkei 225 just about even at 18,149.90 and the Topix managed a gain of 0.1 percent to 1,781.86.

Exporters did better in Tokyo than domestically-focused sectors were able to manage. Retailers saw declines, with Aeon (TYO: 8267) 0.2 percent lower to ¥2,285.

One exception among the general decline in domestic shares was Daiwa Securities Group (TYO: 8601, which added 3.8 percent to ¥1,352 after Goldman Sachs (NYSE: GS) upgraded the broker from “sell” to “neutral”.

Among export-focused gainers, Honda Motor (TYO: 7267; NYSE: HMC) added 0.7 percent to ¥4,570, while construction equipment manufacturer Komatsu (TYO: 6301) gained 1.4 percent to close at ¥3,690.

The electronics sector was mixed, however. While Nintendo added 2.1 percent to ¥46,700 on domestic sales of its Wii game console, the news that it far outsold Sony’s (TYO: 6758; NYSE: SNE) PS3 sent Sony’s shares 1.9 percent lower to ¥6,190.

Stock market declines continued in Japan on Monday, with the Nikkei 225 down 3.3 percent to 16,642.25, beginning with a drop of over 340 points in the first fifteen minutes of the session and ending up 575.68 points lower on the session. The Topix index was also lower, falling 3.4 percent to 1,662.71. The Mothers market of small and mid-cap stocks was 7.4 percent lower to 988.14, its lowest closing level ever. Losses came in both domestic and export-focused sectors.

Automobile manufactures dropped 3 percent as a whole, with Toyota (TYO: 7203.T; NYSE: TM; LSE: TYT) down 3.2 percent to ¥7,460. Meanwhile, machinery makers were down 4.7 percent as a sector. Komatsu (TYO: 6301), which makes construction equipment, fell 4.1 percent to ¥2,475.

Among domestic sectors, consumer finance lenders saw declines. Aiful (TYO: 8515) was 7.6 percent lower to ¥2,920.

The real estate sector was down 4.4 percent as a whole. Sumitomo Realty & Development (TYO 8830) did even worse than the sector as it dropped 6.6 percent to ¥4,400.

In the telecommunications sector, Softbank (TYO: 9984) was down 6.4 percent to ¥2,565, hurt by brokerage warnings about its accounting practices last week.

Tokyo equities markets were higher on Thursday in the wake of the decision by the Bank of Japan to leave interest rates at their current level for the time being. The Nikkei was 0.6 percent higher to 17,370.93, while the Topix index added 0.5 percent to 1,715.17. The Mothers market of small and mid-cap stocks gained 4 percent to 1,177.77.

Banks, which had been anticipating a rate hike, only declined slightly in its absence. This was likely due to the fact that by Wednesday it had become clear that a higher interest rate was not to be forthcoming this month. Mizuho Financial dropped 0.2 percent to ¥896,000.

The real estate sector, which figured to be hurt by higher interest rates, added 1.4 percent as a whole. Mitsui Fudosan gained 1.4 percent to ¥3,010, while Sumitomo Realty & Development was 2.4 percent higher to ¥3,920.

The yen was weaker after the bank’s decision helped the machinery sector, which is largely focused on exports, 0.7 percent higher. Construction machinery manufacturer Komatsu added 1.2 percent to ¥2,455.

The pharmaceuticals sector was higher on merger rumors. Tanabe Seiyaku gained 5.4 percent to ¥1,716 after it was learned that it is talking with Mitsubishi Pharma. Mitsubishi is a division of Mitsubishi Chemical, which added 5.6 percent to ¥815. Takeda Pharmaceutical was 1.8 percent higher to ¥8,020.

There were slight gains in the Tokyo equities markets on Wednesday as investors continue to hesitate ahead of the Bank of Japan’s interest rate decision, due Thursday. The Nikkei 225 added 0.3 percent to 17,261.35, while the Topix index was up 0.2 percent to 1,706.76.

The banking sector was lower, dropping 1.1 percent as a whole. Sumitomo Trust & Banking matched the sector with a 1.1 percent decline, to ¥1,309. Mitsubishi UFJ held steady at ¥1,530,000.

On the other hand, the real estate sector saw gains on the session. Mitsui Fudosan was 1.9 percent higher to ¥2,970, while Sumitomo Realty & Development added 2.1 percent to ¥3,830 and Mitsubishi Estate was up 2.9 percent to ¥3,240.

With the yen weaker, some export-focused stocks were up, with the machinery sector gaining 1 percent. Construction equipment manufacturer Komatsu gained 1.5 percent to ¥2.425.

The Japanese semiconductors sector was lower on the session after US chipmaker Intel said that its profits in the fourth quarter were down by 40 percent and warned that margins would not improve anytime soon. Tokyo Electron dropped 0.3 percent to ¥9,270, while Advantest fell 0.5 percent to ¥6,630.

NTT DoCoMo was 0.5 percent lower to ¥190,000 after its spring line of mobile units failed to impress.

Equities markets in Tokyo were up on Monday, with the Nikkei 225 adding 0.9 percent to 17,209.92 and the Topix index ending 1.1 percent higher to 1,704.58. The Topix was helped by new data showing that core machinery orders in the private sector were up 3.8 percent in November. The new numbers helped not only the construction machinery sector but also the banking sector, as the data raised the chances that the Bank of Japan will raise interest rates when it meets later this week.

The banking sector was 2 percent higher as a whole, with Mitsubishi UF up 1.3 percent to ¥1,530,000. Sumitomo Trust & Banking added 2.8 percent to ¥1,325, while SMFG gained 3.3 percent to ¥1,270,000.

The news that Shinko Securities and Mizuho Securities will merge promoted more consolidation speculation in the securities sector, which added 2.7 percent on the session. Daiwa Securities was 3.4 percent higher to ¥1,394. Meanwhile, Nikko Cordial gained 3.3 percent to ¥1,309 after it was learned that Canadian investment management firm Mackenzie Financial has become its largest shareholder.

In the construction machinery sector, Fanuc added 1.5 percent to ¥11,350, while Komatsu was up 1.7 percent to ¥2,365.

Among export-focused stocks, Sharp was 0.4 percent higher to ¥1,992, while Honda gained 1.7 percent to ¥4,690.

Weakness in the yen helped the Tokyo equities markets to make gains on Thursday. However, advances were limited on the Nikkei because of a scandal in the consumer finance sector. The Nikkei 225 closed at 17,047.83, a gain of 0.2 percent, while the Topix index added 0.3 percent to 1,671.30.

Export-focused sectors were especially helped by the weak yen. Toyota added 1.7 percent to ¥7,680, while construction equipment manufacturer Komatsu gained 3.4 percent to ¥2,410.

The utilities sector also saw gains again, as the sector has gained 17.5 percent since the end of September on high dividend payments to shareholders. Tokyo Electric Power was 1 percent higher to ¥3,910 and Kansai Electric Power was up 1.6 percent to ¥3,260.

The steel sector advanced on positive comments from Merrill Lynch and on the possibility of further consolidation in the sector worldwide. Nippon Steel gained 0.5 percent to ¥601 on rumors that it will gain control of Brazilian steel company Usiminas. Meanwhile, Sumitomo Metal Industries added 4.9 percent to ¥493 on a Merrill Lynch upgrade from “neutral” to “buy”.

Consumer finance companies were affected by a 12-day business suspension of Sanyo Shinpan for improper practices. Shinpan dropped 5.5 percent to ¥3,260, while Aiful fell 5.1 percent to ¥3,360 and Credit Saison was 2.7 percent lower to ¥4,020.

In the securities sector, Nikko Cordial began a comeback after being fined for accounting irregularities, adding 7.1 percent to ¥1,237.