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.

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 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.

Despite mixed earnings reports, the Tokyo equities markets were up Thursday. The Nikkei 225 added 0.8 percent to 17,519.50, while the Topix index gained 1 percent to 1,738.58.

The advances came even though scandal-ridden Nikko Cordial dropped a further 15.5 percent to ¥1,000 on investor concerns that it could be delisted in consequence of its accounting improprieties.

Electronics-related sectors were mixed. Consumer electronics manufacturers were higher. Sharp added 1.5 percent to ¥2,085 after it revealed that its operating profits were up 13 percent in the quarter. Sony was up 2 percent to ¥5,660 on an upgrade from “hold” to “buy” from Nikko Citigroup.

On the other hand, Tokyo Electron dropped 1.2 percent to ¥8,430 and Advantest was 2.8 percent lower to ¥5,870. These declines came after Fujitsu fell 5 percent to ¥860 on a disappointing quarterly report. It blamed its drop in profits on the price of microchips and hard drives, and said that it foresees further declines in the future.

Honda Motor was also lower on profits, as it reported that profits were below expectations and operating profits were steady in its fiscal third quarter. Honda’s 0.4 percent decline to ¥4,710 was an anomaly in an automobile manufacturing sector that added 0.4 percent on the session.

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.

The Nikkei 225 and the Topix index both saw gains on Wednesday as export-focused stocks were up, but gains were limited by declines in utilities and in the consumer finance sector. The Nikkei added 0.3 percent to 16,692.93, while the Topix gained 0.2 percent to 1,639.19. Meanwhile, the Mothers index of small and mid-cap stocks dropped 1.1 percent to 1,125.85.

In the retail sector, department stores saw gains but weren’t able to lift the sector as a whole. Takashimaya was 1.1 percent higher to ¥1,717, while Isetan ended 1.6 percent higher to ¥2,150. On the other hand, Seven & I dropped 0.6 percent to ¥3,630.

Exporters that saw gains included Canon, which added 1.1 percent to ¥6,540. In the electronics sector, Sony was 1.9 percent higher to ¥4,880. Sharp, however, dropped 1.5 percent to ¥2,040 on the news that it is being investigated for price fixing of liquid crystal displays.

Utilities were down on profit-taking. Tokyo Electric Power fell 0.5 percent to ¥3,720, while Kansai Electric Power and Tohoku Electric Power each dropped 0.7 percent to ¥3,050 and ¥2,895 respectively.

The consumer finance sector declined after parliament passed a bill that will cut the maximum amount of interest the lenders can charger their customers. Takefuji was 1.1 percent lower to ¥4,470, while Aiful fell 1.6 percent to ¥3,610 and Credit Saison dropped 1.9 percent to ¥4,100.

The Tokyo equities markets were lower on Tuesday as investors worried about interest rates at home as well as the state of the US dollar and how export-focused business would be affected if it continues to decline. The Nikkei 225 fell 0.2 percent to 16,265.76. The Topix dropped even more, declining 0.6 percent to 1,598.89.

The worries of export-related sectors were illustrated by declines in the electronics sector, which dropped 0.5 percent as a whole. Sharp and Sony each fell 0.9 percent, to ¥1,910 and ¥4,510 respectively. Transport equipment fared even worse, as the sector dropped 0.7 percent.

Monday’s fall in oil prices benefited the airlines and shipping sectors. Shipping was up 2.7 percent as a whole. Nippon Yusen added 2.3 percent to ¥838, while Kawasaki Kisen gained 3 percent to ¥864 and Mitsui OSK was 3.1 percent higher to ¥1,091.

All Nippon Airways added 0.7 percent to ¥425 not only after oil prices fell but on the news that they are in merger talks with South Korea’s Asiana Airlines.

The lower oil prices, however, sent shares in Inpex 3.4 percent lower to ¥995,000.

In the retail sector, Fast Retailing was 5.7 percent higher to ¥10,910 after it said that same-store sales were up 8 percent in November over the same period last year, helped by cold weather clothing sales.

The Tokyo markets were nearly even on Monday but ended mixed, with the Nikkei 225 0.1 percent higher to 16,364.76 but the Topix index ending 0.1 percent lower to 1,616.71. Much of the losses came in sectors that depend on exports, with investors worried that new data on unemployment will make the US Federal Reserve reluctant to let interest rates fall.

The electronics sector was lower with Sony down 1.1 percent to ¥4,730, while Sharp dropped 1.2 percent to ¥2,070.

Despite the concerns however, some carmakers were higher. While Nissan Motor fell 0.6 percent to ¥1,437, Toyota Motor added 1 percent to ¥7,030 on reports that it will become Japan’s first company to report that their operating profits for the year were above ¥2,000 billion. Mazda was also higher, gaining 1.9 percent to ¥809 after it reported operating profits that were 55 percent higher in the quarter.

In domestic sectors, retailers saw losses on concerns that a decline in the US economy would hurt the Japanese economy as well. Seven & I dropped 1.6 percent to ¥3,610, while Fast Retailing fell 2.7 percent to ¥10,610 after investors were not happy with sales. Department store operator Marui Company, meanwhile, dropped 8.8 percent to ¥1,417 on a profit warning.

Among banks, SMFG was 1.5 percent lower to ¥1.29 million.

In its first trading day since North Korea claimed to have conducted a nuclear test, the main Tokyo equities markets managed to hold their own as the Nikkei 225 added 0.3 percent to 15,491.65 and the Topix index held steady at 1,634.83. However, the Mothers index of small and mid-cap stocks dropped 4 percent to 1,125.60. Domestically-focused stocks tended to not do as well as export-dependent stocks.

Companies that supply Japan’s defense force did well in the wake of uncertainty over what North Korea’s claims mean for Japan. Ishikawa Seisakusho, which makes textile-making machines and defense equipment, was 5.5 percent higher to ¥173.

One domestic sector that was able to maintain gains was real estate, which is still benefiting from the general upward trend of Japanese land prices. Mitsubishi Estate added 0.9 percent to ¥2,805, while Mitsui Fudosan gained 1.5 percent to ¥2,790. Retail, however, was down 1.6 percent as a sector, with general retailer Seven & I down 1.8 percent to ¥3,840.

With machinery orders down more than expected, the sector dropped 0.7 percent and construction machinery manufacturer Komatsu was 1.4 percent lower to ¥2,095.

The electronics sector was higher on the session. Toshiba added 2 percent to ¥721, while Sharp gained 2.5 percent to ¥2,075 and NEC Electronics was 3.6 percent higher to ¥4,040.

The Tokyo equities markets saw substantial gains on Wednesday, with gains in most sectors. The Nikkei 225 added 2.5 percent to 15,947.87, while the Topix index was 2.7 percent higher to 1,591.04.

The real estate sector was up 2.9 percent as a whole. Mitsui Fudosan gained 2 percent to ¥2,595, while Mitsubishi Estate was 3.4 percent higher to ¥2,465 and Sumitomo Realty & Development added 4.8 percent to ¥3,300.

Another domestically-focused sector, retailers, were up 2.9 percent. Broad-based retailer Seven & I was 3.2 percent higher to ¥3,820, while department store chain Matsuzakaya gained 3.6 percent to ¥751. Isetan added 5.2 percent to ¥1,943. General retailer Aeon was 3.5 percent higher after it said that, due to performance in its supermarkets, it will probably see a 19 percent rise in operating profits when it releases its half-year results.

In the steel sector, JFE gained 2.5 percent to ¥4,570. Nippon Steel, meanwhile, was up 3.5 percent to ¥479.

Consumer electronics were mixed. While Sony was up 3 percent to ¥4,860, Sharp dropped 1.2 percent to ¥2,020 after it announced that it will issue ¥200 billion worth of convertible bonds. The news spurred concerns that share values could be diluted.