Tokyo’s major indices actually saw the least of the losses in the region as the Nikkei 225 and the Topix index each dropped 2.19 percent, to 16,870.98 and 1,668.85 respectively.

However, the Mother’s market of small and mid-caps dropped 3.79 percent to 831.92.

Banks were hit hard, with Mitsubishi UFJ (TYO: 8306; NYSE: MTU) falling 4.7 percent to ¥1.21 million and Mizuho (TYO: 8411; NYSE: MFG) dropping 9 percent to ¥766,000.

Both banks reported significant declines in net income in the most recent quarter.

Export-focused sectors also saw declines.

Among carmakers, Honda Motor was 1.4 percent lower to ¥4,240, while Nissan Motor also fell 1.4 percent, to ¥1,254.

Mazda Motor was down 3.2 percent to ¥659.

In the electronics sector, Sony (TYO: 6758; NYSE: SNE) was 2.9 percent lower to ¥6,130, while TDK (TYO: 6762; NYSE: TDK; LSE: TDK) fell 12 percent to ¥9,070 on a drop of 11 percent in its operating profit, prompting UBS (TYO: 8657; NYSE: UBS; SWX: UBSN) to drop its recommendation from “neutral” to “reduce”.

Companies related to the semiconductors sector declined on rumors that Apple (NAS; AAPL; LSE: ACP; FWB: APC) could cut production of its iPhone.

Kyocera (TYO; 6971),which makes mobile phones and ceramic chip condensers, was 4.3 percent lower to ¥11,010, while Murata Manufacturing (TYO: 6981), which makes similar components, was 4.9 percent lower to ¥8,520 on the Osaka exchange.

The Nikkei 225 one of the few Asian equities indices that showed a decline on Tuesday

The Nikkei dropped 0.2 percent to 17,248.89, while the Topix index closed barely higher at 1,706.18 and the Mothers market added 1.38 percent to 864.7.

Earnings results and other news drove gains and losses on the session in Tokyo.

Among banks, Shinsei Bank (TYO: 8303) added 6.4 percent to ¥448 on its report that quarterly recurring profit had gone up by 22 percent in its fiscal first quarter, while net income had risen by 63 percent.

The steel sector, on the other hand, saw declines after Japan’s Fair Trade Commission said it has begun an investigation into Nippon Steel (TYO: 5401) and JFE (TYO: 5411) concerning whether the two had engaged in price-fixing.

JFE was 1.7 percent lower to ¥8,210, while Nippon Steel dropped 2 percent to ¥900 as ¥91 billion in shares changed hands on the session.

Sumitomo Metal (TYO: 5405) fell 2.7 percent to ¥692.

The electronics sector was mixed,

Sharp (TYO: 6753) added 1.5 percent to ¥2,065 ahead of news after the close that it will build a new plant in Japan, while Sanyo Electric (TYO: 6764; NAS: SANYY) was 0.5 percent lower to ¥185 on a drop in operating profit of 72 percent in its fiscal first quarter, while Kyocera (TYO: 6971) dropped 6.3 percent to ¥11,500 on disappointing broker comments.

Camera maker Nikon (TYO: 7731) added 5.5 percent to ¥3,820 after Nikko Citigroup raised its target share price.

In Tokyo on Wednesday the Nikkei 225 fell 1.1 percent to 18,049.51, while the Topix index declined 1.2 percent to 1,767.72.

Exporters in Tokyo were hurt by a stronger yen as well as the declines in New York.

In the automobile manufacturing sector Honda Motor (TYO: 7267; NYSE: HMC) fell 1.3 percent to ¥4,470, while Toyota Motor (TYO: 7203; NYSE: TM; LSE: TYT) dropped 1.7 percent to ¥7,660.

In the electronics sector Kyocera (TYO: 6971) was down 1.2 percent to ¥12,880, while Sony (TYO: 6758; NYSE: SNE) was 2 percent lower to ¥6,330 and Canon (TYO: 7751; NYSE: CAJ) fell 2.3 percent to ¥6,960.

Not all electronics groups were lower however. Toshiba (TYO: 6502; LSE: TOS) added 4.5 percent to ¥1,125 on an upgrade from “underperform” to “buy” from broker CLSA.

Condiment maker Bull-Dog Sauce (TYO: 2804) went untraded after only one transaction after US hedge fund Steel Partners appealed a ruling that favored Bull-Dog and called the hedge fund an “abusive acquirer”.

Bull-Dog Sauce was 12.1 percent lower at ¥725.

In the retail sector Aeon (TYO: 8267) dropped 3.1 percent to ¥2,195 on its report that operating profit in the most recent quarter was down 16 percent because of poor sales at Talbots (NYSE: TLB), the US clothing retailer in which it owns a majority of shares.

The Tokyo equities markets were higher on Monday as the yen weakened against the US dollar. The Nikkei 225 added 0.8 percent to 17,292.39, while the Topix index was 0.6 percent higher to 1,741.36.

The real estate sector gained 1.8 percent as whole as it made progress in recovering from earlier losses. Mitsui Fudosan (TYO: 8801; NAS: MDSFF) added 1.5 percent to ¥2,470, while Sumitomo Realty & Development (TYO: 8830) was 2.9 percent higher to ¥4,960.

In the telecommunications sector, KDDI (TYO: 9433) gained 1.6 percent to ¥920,000 on the news that it will use cables owned by East Japan Railway (TYO: 9020) to offer fibre-optic broadband services.

Export sectors were helped by the weakness of the yen and indications that the US economy is remaining strong. Ceramics maker Kyocera (TYO: 6971; NYSE: KYO) and consumer electronics giant Matsushita Electric Industrial (TYO: 6752; NYSE: MC) each added 1.0 percent, to ¥10,540 and ¥2,410 respectively.

Japan Tobacco (TYO: 2914) added 4.8 percent to ¥546,000 after shareholders of UK tobacco company Gallagher (LSE: GLH), voted on Friday to accept its sale to JT.

Kyoei Tanker (TYO: 9130) was 4.7 percent lower after reports in the Japanese financial press that group recurring profits in the upcoming fiscal year could drop as much as 67 percent. Kyoei specializes in marine transport of oil products.

The Tokyo equities markets were up on Tuesday as concerns that the US will raise interest rates again soon retreated. Export-reliant stocks did better than domestic stocks even though new data has supported the idea that the Japanese economy continues to recover. The Nikkei 225 added 0.4 percent to 15,638.50, while the Topix index gained 0.6 percent to 1,602.43. It was the first time in nearly a month that the Topix managed to close above the 6,000 level.

Retailers continued to rally with evidence that summer shoppers were active. Aeon and Isetan each added 1.8 percent, to ¥2,615 and ¥2,035 respectively. Department store operator Mitsukoshi gained 2.5 percent to ¥569.

Consumer electronics makers saw gains on expectations that the US market would continue to be strong. Kyocera was up 1.4 percent to ¥9,010. Sony also added 1.4 percent, to ¥5,100. Digital camera maker Canon gained 3.4 percent to ¥5,740.

Automobile manufacturers were also up on the session. Nissan was up 0.5 percent to ¥1,263, while Toyota gained 0.8 percent to ¥6,010. Mazda added 5.2 percent to ¥768 on an upgrade from “neutral” to “buy” from Goldman Sachs.

Japan Airlines, meanwhile, recovered a bit of Monday’s losses when it gained 1.5 percent to ¥277.

The Tokyo equities markets were significantly higher on Thursday after new data showed that exports were up substantially in May. The Nikkei 225 added 3.4 percent to 15,135.69, while the Topix index was up 2.9 percent to 1,549.12. The gains came even though some are calling for the resignation of the governor of the Bank of Japan after he invested in a fund created by shareholder activist Yoshiaki Murakami, who was recently put under arrest.

Shares in companies dependent on commodities were up, with Mitsui Mining and Smelting adding 5.8 percent to ¥675 and Sumitomo Metal Mining rising by 6.3 percent to ¥1,352.

Electronics-related companies were up substantially as well. Both printer and camera maker Canon and consumer electronics and entertainment giant Sony added 3.6 percent on the day, to ¥8,000 and ¥4,940 respectively. Sharp gained 4.5 percent to ¥1,767, while Sanyo Electric was up 4.6 percent to ¥251 and Kyocera rose by the same percentage to ¥8,940. Tokyo Electron advanced by 5.9 percent to ¥7,760. Casio Computer added 7.2 percent to ¥2,030.

The securities sector, meanwhile, was up by 4.8 percent as a whole. Nomura gained 4.7 percent to ¥2,135, while Mitsubishi UFJ Securities was up 5 percent to ¥1,459. Daiwa Securities was up 5.1 percent to ¥1,459. Nikko Cordial advanced by 5.9 percent to ¥1,543.

Tokyo equities markets dropped significantly on Tuesday as investors worried that interest rates in the United States could rise further. The Nikkei 225 dropped 1.8 percent to 15,384.86, while the Topix index closed 1.7 percent lower at 1,56 7.30. The Mother’s market of small-cap stocks, declined by 2.8 percent to 1,355.30.

Exporters saw their shares decline, but there were losses in domestic sectors as well. Real estate was down 3.6 percent as a sector, while the electronics sector declined by 1.8 percent.

Seafood companies were the only real winners on the day, as their international sales continue to grow. Nippon Suisan added 1.4 percent to ¥571, while Maruha gained 3.6 percent to ¥342.

Among electronics companies, consumer electronics giant Sony dropped 1.5 percent to ¥5,110, while Hitachi declined by 1.6 percent to ¥763 and component manufacturer Kyocera lost 2.4 percent to ¥9,220.

Mitsui Fudosan, the largest real estate company in Japan, declined by 2.8 percent to ¥2,300, while Mitsubishi Estate fell 4.1 percent to ¥2,125.

Automobile manufacturers, which sell a huge portion of their cars in the United States, also saw declines. Honda declined by 1.3 percent to ¥7,340 and Nissan closed 1.9 percent lower at ¥1,322.

In the banking sector, Mizuho Trust, part of the Mizuho group fell a further 4.8 percent to ¥280. The shares have been falling since Friday’s “underperform” rating from Goldman Sachs.

Equities markets in Tokyo saw declines on Wednesday amid a round of profit-taking as investors awaited the decision on interest rates from the US Federal Reserve. The Nikkei 225 dropped 1.4 percent to 16,951.93, while the Topix index lost 1.3 percent to 1,725.06. Export-dependent shares were especially hard-hit by the weakening dollar.

Camera makers were hard-hit. Nikon dropped 2.2 percent to ¥2,230, while Konica Minolta was down 2.7 percent to ¥1,470.

Kyocera, which manufactures electronics parts, declined by 2.6 percent to ¥10,110.

Japan Air Lines was down 1.9 percent to ¥305 after it said it had lost ¥47.2 billion in the fiscal year ending in March. The air carrier, which has had its reputation harmed by several safety problems, had been expected to lose about that much. While the number of group passengers using the airline grew during the year, individual passenger traffic was down.

In the automobile manufacturing sector, Toyota dropped 0.7 percent to ¥6,680. After the market closed for the day the carmaker said that its net profits were up 17 percent in the last fiscal year but that they would likely be down 4.4 percent in the current fiscal year due to currency fluctuations and high prices for raw materials.

In Tokyo on Friday, new broker recommendations on carmakers sent the sector up, helping the markets on the day despite drops in commodities-dependent companies. The Nikkei 225 and the Topix index each added 0.5 percent on the day, to 17,403.96 and 1,756.40 respectively.

Companies that make cellphone components also saw gains on the day after postiive earnings reports from Texas Instruments in the United States and from Nokia in Finland. Kyocera added 3.3 percent to ¥11,500 and Ibiden gained 0.7 percent to ¥5,570.

JP Morgan began coverage of the Japanese automobile manufacturing sector by giving both Toyota and Honda ratings of “overweight”. These recommendations sent shares in Toyota up 2.7 percent to ¥6,900 while Honda gained 4.6 percent to ¥8,120.

Miners were down after Thursday’s drop in commodities prices. Gold producer Sumitomo Metal Mining declined by 3.1 percent to ¥1,698, while Dowa Mining, which has interests in both copper and zinc, dropped 3.4 percent to ¥1,394. Toho Zinc was down 1.8 percent to ¥1,171. Mitsui Mining & Metal, which deals with nonferrous metals, lost 1.6 percent to ¥806.

Tokyo Steel Manufacturing lost 1 percent to ¥2,420 on a report that its net profits were down by 33 percent tin the 2005/2006 fiscal year. It forecast further declines in 2006/2007.

The Tokyo equities markets were higher on Wednesday. The Nikkei 225 added 0.7 percent to 17,350.12, while the Topix index gained 0.3 percent to 1,747.32. Most of the gains were among export-dependent companies, as investors grew more confident in the strength of the US economy as earnings reports from US-listed firms were strong and there were hints that US interest rates might pause in their upward movement soon.

Many of the gains came from the electronics and semiconductor sectors. Hitachi was up 1.3 percent to ¥863. Matsushita Electric, which makes the Panasonic brand of consumer electronics, added 0.9 percent to ¥2,795. Fujitsu advanced by 1.3 percent to ¥967 on a prediction of higher profits in the year just ended.

Mobile phone components maker Kyocera gained 3.1 percent to ¥11,170, helped by a positive quarterly report from US chipmaker Texas Instruments. Chipmaker Elpida Memory added 4.1 percent to ¥4,830 on an upgraded earnings prediction for the 2005/2006 due to reduced marketing and administration spending.

Among the losers on the day were consumer loan companies, which lost value on the news that a government panel could reduce the maximum interest rate they can charge customers. Promise dropped 4.1 percent to ¥6,800. Aiful, which was forced to close for three days last week over its aggressive collection methods, declined by 4.3 percent to ¥6,680.