Tokyo’s markets were lower in limited trade on Friday ahead of another three-day weekend.

The Nikkei 225 was down 0.62 percent to 16,312.61, while the Topix index fell 0.94 percent to 1,552.07 and the Mothers market was 0.37 percent lower to 625.93.

Exporters were lower as the yen gained value versus the US dollar and investors worried that sales in the US could decline.

Among carmakers, Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) dropped 1.9 percent to ¥6,560 while Honda Motor (TYO: 7267; NYSE: HMC) was down 3.1 percent to ¥3,750.

In the electronics sector, Sony was 1.8 percent lower to ¥5,340 while camera maker Canon (TYO: 7751; NYSE: CAJ) fell 2.2 percent to ¥6,150.

Sharp (TYO: 6753) and Pioneer (TYO: 6773) were both lower after reports that each company will buy shares in the other.

Sharp dropped 2 percent to ¥1,920 and Pioneer was 2.2 percent lower to ¥1,370.

The consumer finance sector was lower for a second day in a row following Thursday’s announcement of losses by UFJ Nicos (TYO: 8583).

Acom (TYO: 8572) dropped 8.8 percent to ¥2,335, while UFJ Nicos fell another 13 percent to ¥207, Aiful (TYO: 8515) slipped 13.7 percent to ¥1,494 and Takefuji (TYO: 8564) was 13.8 percent lower to ¥2,000.

Commodities-related shares, however, saw gains as prices rose.

In the oil sector, Inpex (TYO: 1605) gained 2.5 percent to ¥1.22 million, while Sumitomo Metal Mining (TYO: 5713) added 5.1 percent to ¥2,770.

In Tokyo on Thursday the Nikkei 225 was 0.67 percent higher to 16,984.11 and the Topix index gained 0.03 percent to 1,669.33, but the Mothers market fell 0.21 percent to 830.18.

Gains were helped by a new report from Japan’s National Tax Agency which showed that land prices in the country were 8.6 percent higher last year, with a gain of 17 percent in Tokyo.

The report sent the real estate sector higher. Mitsui Fudosan (TYO: 8801; NAS: MDSFF) added 4.2 percent to ¥3,230, while Mitsubishi Estate (TYO: 8802) gained 6.3 percent to ¥3,200 and Tokyu Land (TYO: 8815) was up 7.9 percent to ¥1,208.

In addition, homebuilder Daiwa House Industry Co (TYO: 1925) was 4 percent higher to ¥1,570.

The retail sector also saw gains, with Fast Retailing (TYO: 9983) adding 4.8 percent to ¥6,820 on a successful bid for the Barneys New York chain of department stores, owned by Jones Apparel Group (NYSE: JNY).

Drug maker Chugai Pharmaceutical (TYO: 4519) gained 2.7 percent to ¥2,075 on an increased full-year projecting, while Astellas Pharma (TYO: 4503) was 3.1 percent higher to ¥5,050 on a fiscal first quarter net income gain of 52 percent.

In the electronics sector Pioneer (TYO: 6773) dropped 4.5 percent to ¥1,546 on a decline of 40 percent in sales of plasma televisions in the quarter, while Casio (TYO: 6952) fell 4.6 percent to ¥1,699 after it said quarterly operating profit was down 78 percent in the most recent quarter on poor sales of mobile phones.

Banks also saw declines, with Resona (TYO: 8308) down 3.3 percent to ¥238,000 and Mizuho (TYO: 8411) dropping 4.7 percent to ¥730,000.

In Tokyo on Wednesday the Nikkei 225 was 1.1 percent lower to 18,015.58, while the Topix index also dropped 1.1 percent, to 1,758.65.

The declines came from both domestically-focused and export-focused sectors.

On the domestic side, the retail sector was down 1.9 percent as a whole, with several retailers doing even worse than that.

Aeon (TYO: 8267) dropped 2.1 percent to ¥2,055, while department store chain Isetan (TYO: 8238; SGX: I15) fell 2.2 percent to ¥1,922.

The worst performer on the Nikkei was Fast Retailing (TYO: 9983), which was down 4.4 percent to ¥7,280.

In the utilities sector, Tokyo Electric Power (TYO: 9501) was 4 percent lower to ¥3,600 on reports that a survey of earthquake damage in its Kashiwazaki-Kariwa nuclear power plant had found 50 separate problems.

After US semiconductors manufacturer Intel (NAS: INTC; SEHK: 4335) reported margins at the low end of predictions in the second quarter, chipmaker Tokyo Electron (TYO: 8035) dropped 1 percent to ¥8,930.

The electronics sector was mixed on broker recommendations.

While Nikon (TYO: 7731) added 0.5 percent to ¥3,730 on a Morgan Stanley (NYSE: MS) upgrade from “overweight” to “equal-weight”, Pioneer was 3.3 percent lower to ¥1,645 after Credit Suisse (NYSE: CS; SWX: CSGN) cut its rating from “neutral” to “underperform”.

In Tokyo on Monday, both the Nikkei 225 and the Topix index reached multi-year closing highs. The Topix was at a 15-year closing high as it added 0.1 percent to 1,816.97, while the Nikkei gained 0.2 percent to 18,215.35, its highest close in nearly seven years. The small and mid-cap Mothers market, however, reversed recent gains to end 2.1 percent lower to 1,164.07.

Some export sectors were higher. The automobile manufacturing sector added 0.6 percent as a whole, with Toyota Motor (TYO: 7203; NYSE: TM; LSE: TYT) gaining 0.7 percent to ¥8,290.

The electronics sector was mixed. Sony (TYO: 6758; NYSE: SNE) added 0.6 percent to ¥6,390 on an upgrade from “sell” to “buy” from Merrill Lynch (TYO: 8675; NYSE: MER). The broker cited overseas economic growth and a weaker yen as reasons for its upgrade.

On the other hand, broker downgrades sent Sharp and Pioneer lower. UBS (TYO: 8657; NYSE: UBS; SWX: UBSN) reduced its rating on Sharp (TYO: 6753) from “neutral 2” to “reduce 2” on its belief that profit growth will slow for the consumer electronics maker. Sharp’s shares dropped 1.3 percent to ¥2,290. Pioneer (TYP: 6773) fell 3.3 percent to ¥1,676 after Deutsche Bank (NYSE: DB) dropped its target share price from ¥1,600 to ¥1,500.

The real estate sector dropped 1 percent as a whole, with Mitsui Fudosan (TYO: 8801; NASDAQ: MDSFF) 1.1 percent lower to ¥3,570.

Banks were lower as well, by 1.2 percent as a sector. Mitsubishi UFJ (TYO: 8360; NYSE: MTU) was down 0.7 percent to ¥1,510,000, while Mizuho Financial (TYO: 8411; NYSE: MFG) dropped 1.7 percent to ¥860,000.

The Tokyo equities markets were higher on Tuesday, with the Nikkei 225 adding 0.9 percent to 17,237.77 and the Topix index gaining 1 percent to 1,692.12. On the other hand, the Mothers market of small and mid-caps saw a loss, dropping 1.3 percent to 1,073.36.

The steel sector added 3 percent as a whole on bids speculation. Nippon Steel added 3.3 percent to ¥649, while JFE Holdings was 4.9 percent higher to ¥5,980.

The electronics sector was up on positive broker comment. Pioneer was up 4 percent to ¥1,716 after Goldman Sachs issued an upgrade from “sell” to “neutral” for the audio equipment manufacturer. Goldman Sachs also upgraded Sony, from “neutral” to “buy”, based on strong Christmas sales for the consumer electronics firm. Sony added 6.5 percent to ¥5,550.

Banks saw gains on the possibility that the Bank of Japan will raise interest rates when it meets next week, on the theory that lending margins might improve if rates go up. Mitsubishi UFJ gained 1.3 percent to ¥1,510,000, while Mizuho Financial added 2.3 percent to ¥880,000.

The consumer finance sector was up on the session. Aiful was up 2.7 percent to ¥3,820, while Takefuji gained 3.5 percent to ¥5,270 and Credit Saison was 5.1 percent higher to ¥4,510.

Securities house Nikko Cordial was still seeing fallout from its recent accounting troubles, dropping 2 percent to ¥1,275.

Export-related stocks were higher on Thursday in Tokyo as the yen continued to stay weak and as new data was released in the United States that showed retail sales rose 1 percent in November. The Nikkei 225 was 0.8 percent higher to 16,829.20, its highest close in seven months, while the Topix index also ended with a gain of 0.8 percent, to 1,651.85. Meanwhile, the Mothers index of small and mid-caps gained 1.7 percent to close at 1,144.42.

The gains in US sales helped the electronics sector. While Pioneer dropped 1.8 percent to ¥1,633 on a downgrade from “buy” to “neutral” from Nomura Securities, others in the sector benefited from the new sales numbers. Matsushita Electric Industrial was 0.6 percent higher to ¥3,345. Canon gained 1.7 percent to ¥6,650. Sony added 1.8 percent, helped along by its insistence that it would meet its target of shipping 3 million PlayStation 3 game consoles globally by the end of the month and that 6 million units will be shipped by the end of March.

In the tobacco sector, no news was not necessarily good news for investors. There was nothing new on a possible bid by Japan Tobacco for UK tobacco company Gallaher. This lack of fresh information sent Japan Tobacco 2.4 percent lower to ¥579,000 just a day after reaching its highest share price ever.

The Tokyo equities markets were lower on Thurdsay, with both the Nikkei 225 and the Topix index dropping 0.2 percent, to 16,350.02 and 1,619.02 respectively. Both export-focused and domestic sectors were instrumental in the declines.

Stocks in technology sectors were hit by bad news out of the United States, including declines in the semiconductors sector and weak manufacturing figures for October. Advantest dropped 1 percent to ¥5,750. In the electronics sector, Matsushita dropped 1.6 percent to ¥2,415, while Pioneer fell 2.9 percent to ¥1,791. Camera manufacturer Canon, meanwhile, was 0.5 percent lower to ¥6,280.

Sectors related to metals were lower on dropping prices for raw materials, as both the non-ferrous metals and metals products sectors were 0.4 percent lower on the session. Sumitomo Metal Mining dropped 1.4 percent to ¥1,530.

The real estate sector was 0.5 percent lower as a whole, with Mitsui Fudosan falling 0.7 percent to ¥2,860.

Gainers included Suzuki Motor, which added 2.4 percent to ¥3,420 on a positive quarterly report and an upgraded full-year prediction.

Bridgestone was even on the day at ¥2,445 on a report of a decline of 34 percent in operating profits in the third quarter. Higher raw materials prices were to blame. The tire maker’s share price was initially lower after the report, but an unchanged full-year forecast helped regain the losses.

In Tokyo on Wednesday both the Nikkei 225 and the Topix index saw substantial losses as investors continued to worry about the condition of the US economy. The Nikkei closed down 1.9 percent to 15,096.01, it’s lowest closing level since November. Meanwhile, the Topix dropped 2.2 percent to 1,533.54. Another drag on the markets was the continued pullout of foreign investors from the Japanese market, as sell orders from foreign sources exceeded buy orders for the tenth day in a row.

Automobile manufacturers suffered due to their exposure to US demand. Mazda was down 4.5 percent to ¥651. Honda lost 2 percent to 7,190, Nissan dropped 1.4 percent to ¥1,303, and Toyota, Japan’s largest carmaker, declined by 1.3 percent to ¥5,920.

Heavy machinery manufacturer Komatsu dropped 6.5 percent to ¥2,015 on a downgrade from “buy” to “sell” from KBC Securities.

The electronics sector was down 2.3 percent as a whole as Matsushita Electric, which makes the Panasonic brand of consumer electronics, fell 2 percent to ¥2,415. Pioneer lost 6.6 percent to ¥1,766.

Export-focused stocks were not the only losers on the day, as the banking sector fell 2 percent as a whole and Mizuho declined by 3 percent to ¥891,000. Securities and insurance companies were also down. Daiwa Securities dropped 5.2 percent to ¥1,350, while life insurer Millea was down 4 percent to ¥1,900,000.

The Tokyo equities markets were down significantly on Friday as some export-dependent stocks and commodities both saw declines due to the strength of the yen and higher interest rates in China. The Nikkei 225 dropped 1.2 percent to 15,906.23, while the Topix index was down 0.8 percent to 1,716.43.

The automobile manufacturing sector was down on the day, with Honda losing 1.1 percent to ¥8,090, while Toyota - Japan’s largest carmaker - dropped 0.2 percent to ¥6,660.

Electronics companies, which also export large numbers of goods, were mixed on the day. Consumer electronics giant Sony was down 5.1 percent to ¥5,720 even though its 2005/2006 profits were reported to be higher than had been anticipated. The decline on the day was said to be due to a lower earnings forecast for the 2006/2007 fiscal year.

On the other hand, consumer electronics manufacturer Pioneer and electronics parts maker TDK both posted gains on the day. Pioneer was up 2.5 percent to ¥2,015 on smaller than expected losses for the 2005/2006 fiscal year and an outlook that predicted a return to profitability this year. Meanwhile, TDK added 2.8 percent to ¥9,530 on a strong earnings report for 2005/2006 and a prediction of further growth in 2006/2007.

The steel sector saw losses on the day amid continued concern that higher interest rates in China will cut demand. JFE dropped 1.3 percent to ¥4,420 while Nippon Steel declined by 1.2 percent to ¥420.