In Tokyo on Friday the Nikkei 225 dropped 1.71 percent to 16,814.37 and the Topix index fell 1.64 percent to 1,591.28.

On the other hand, the Mothers market added 2.06 percent on the session to 902.03.

Banks were lower after Thursday’s report from US bank Bank of America (NYSE: BAC; TYO: 8648) that its profits had dropped by 32 percent in the third quarter.

Mitsubishi UFJ (TYO: 8306; NYSE: MTU) was down 1.3 percent to ¥1,027 while Mizuho (TYO: 8411; NYSE: MFG) was 2.2 percent lower to ¥616,000.

The consumer finance sector, however, saw gains after Acom (TYO: 8572) issued a preliminary report that its operating profit was up by 63 percent in its fiscal first half.

Acom jumped 18 percent to ¥2,640, while Takefuji (TYO: 8564) gained 17 percent to ¥2,700 and Aiful (TYO: 8515) added 15 percent to ¥2,270.

Exporters saw declines as the yen strengthened against the US dollar.

Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) was 1.6 percent lower to ¥6,250.

Among domestically-focused shares, cement manufacturers were lower on downgrades from Mizuho.

Taiheiyo Cement dropped 3.5 percent to ¥356, while Sumitomo Osaka Cement fell 5.5 percent to ¥260.

Tokyo’s markets were lower on the session Tuesday.

The Nikkei 225 was down 1.27 percent to 17,137.92 and the Topix index was 1.94 percent lower to 1,625.25, while the Mothers market dropped 3.98 percent to 833.11.

There were big losses in financial services of various kinds and in the real estate sector.

Banks were lower on new concerns about the subprime mortgage crisis.

Mizuho Financial (TYO: 8411; NYSE: MFG) was 5.1 percent lower to ¥631,000 and Mitsubishi UFJ (TYO: 8306; NYSE: MTU) was down 6 percent to ¥1,059.

Nomura Holdings (TYO: 8604; NYSE: NMR; SGX: N33), meanwhile was 0.5 percent lower to ¥2,070.

In the consumer finance sector Acom (TYO: 8572) dropped 4 percent to ¥2,305 and Orix (TYO: 8591) fell 6.6 percent to ¥25,230, while Takefuji (TYO: 8564) was down 7.2 percent to ¥2,380.

Meanwhile, in the real estate sector, Sumitomo Realty (TYO: 8830) was 2.9 percent lower to ¥3,980 and Pacific Management (TYO: 8902) dropped 8.1 percent to ¥159,000.

There were gains in the oil sector after crude oil prices soared above the $86 per barrel level in the US on Monday.

Inpex (TYO: 1605) added 2.4 percent to ¥1.3 million while refiner Cosmo Oil gained 3.3 percent to ¥527.

In Tokyo, the Nikkei 225 was 0.28 percent lower to 16,785.69 on Friday.

The Topix index closed at 1,616.62, while the Mothers market was higher, ending the session at 732.72 for a gain of 1.7 percent.

The pharmaceuticals sector was mixed.

Chugai Pharmaceutical (TYO: 4519) was 2.6 percent lower to ¥1,897 after it said it would need to extend clinical tests for a new anemia drug, while Daiichi Sankyo (TYO: 4568) gained 4.6 percent to ¥3,450 on the news that the US Food and Drug Administration approved its new blood pressure medication.

House builders were also mixed.

While Daiwa House Industry (TYO: 1925) dropped 0.1 percent to ¥1,499, Sekisui House (TYO: 1928; OTC: SKHSY) was 0.6 percent higher to ¥1,446.

In the real estate sector, Mitsubishi Estate (TYO: 8802) was down 3 percent to ¥3,290.

Consumer lender Takefuji (TYO: 8564) added 5.8 percent to ¥2,280 after it announced a share buy-back.

Camera and copier maker Canon (TYO: 7751; NYSE: CAJ) gained 2.6 percent to ¥6,270 on the possibility that it might also buy back shares.

Construction equipment manufacturer Mitsubishi Heavy Industries (TYO: 7011) was 1.9 percent higher to ¥751 on the announcement that it will supply a Chinese nuclear facility.

Tokyo’s markets were higher on Thursday, as the Nikkei 225 had its highest close in a month and a half with a gain of 2.41 percent to 16,832.22.

The Topix index added 2.48 percent to 1,615.15 while the Mothers market was 5.52 percent higher to 720.5.

Banks were higher on rumors that investor Warren Buffett is looking to buy a stake in Bear Stearns (NYSE: BSC), boosting investor confidence that the subprime crisis will not cripple the financial services sector.

Among banks, Mizuho (TYO: 8411; NYSE: MFG) was up 4.78 percent to ¥658,000, while Resona Holdings (TYO: 8308) added 6.9 percent to ¥190,000.

Sumitomo Mitsui (TYO: 8316) gained 7 percent to ¥891,000. Regional bank Suruga Bank Ltd (TYO: 8358) was up 11 percent to ¥1,402 after it said it is talking to Japan Post about a deal.

Brokers were also higher, with Nomura Holdings (TYO: 8604; NYSE: NMR; SGX: N33) closing at ¥1,938 and Daiwa Securities (TYO: 8601) adding 8.6 percent to ¥1,114.

The consumer finance sector also saw gains after Takefuji (TYO: 8564) was reported to be preparing results showing that it will cross over into profit this year after losing ¥481.2 billion last year.

Takefuji was 16 percent higher to ¥2,155 after gaining the full amount allowed by the exchange in a session, while Aiful (TYO: 8515) and Promise (TYO: 8574) each gained 15 percent, to ¥1,909 and ¥2,850 respectively.

In the real estate sector, Deutsche Bank (FWB: DBK; NYSE: DB) raised its recommendations on both Mitsui Fudosan (TYO: 8801; NAS: MDSFF) and Sumitomo Realty & Development (TYO: 8830) from “hold” to “buy”.

Mitsui Fudosan was 7.7 percent higher to ¥3,210, while Sumitomo was up 7.9 percent to ¥4,090.

Elsewhere, Japan Tobacco (TYO: 2914) added 4.5 percent to ¥634,000 on a report out of London that it will bid on Turkey’s state-owned cigarette maker, Tekel.

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.

Tokyo equities markets were lower Monday.

The Nikkei 225 was down 0.39 percent to 16,914.46 and dropped as lows as 16,675 early in the session, while the Topix index fell 0.27 percent to 1,668.04 and the Mothers market was 2.01 percent lower to 817.76.

With the yen strengthening, exporters were mostly lower on the session.

Carmakers were mixed, however.

Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) added 1.4 percent to ¥7,180 after is said its profits rose by 32 percent in the most recent quarter, but Mazda Motor (TYO: 7261) was down 2.9 percent to ¥636.

In the electronics sector, Sony (TYO: 6758; NYSE: SNE) dropped 3.1 percent to ¥5,920, its biggest loss since the middle of March, while camera maker Canon (TYO: 7751; NYSE: CAJ) was down 2.3 percent to ¥6,370.

Banks were lower as investors worried that the Japanese economy is not expanding quickly enough to encourage investment in domestically-focused shares.

Mizuho (TYO: 8411; NYSE: MFG) and Mitsubishi UFJ (TYO: 8306; NYSE: MTU) each dropped 2.5 percent, to ¥702,000 and ¥1.16 million respectively.

Shares in Mizuho have declined by more than 16 percent since last week.

Also in financial services sector, broker Nomura Holdings (TYO: 8604; NYSE: NMR; SGX: N33) was 3.2 percent lower to ¥2,135.

Meanwhile, in the consumer finance sector Takefuji (TYO: 8564) added 2.1 percent to ¥3,810 after it said its profits were up substantially in the quarter.

The Tokyo equities markets saw gains on Friday.

The Nikkei 225 gained 0.2 percent to 18,157.93 and the Topix closed at 1,776.17, 0.5 percent higher on the session.

In the electronics sector, Matsushita Electric Industrial (TYO: 6572; NYSE: MC), which makes the Panasonic brand of consumer electronics, added 1.5 percent to ¥2,385.

The steel sector was also higher, with Nippon Steel (TYO: 5401) adding 3.9 percent to ¥955 after it was reported that Japan’s output of crude steel was at a 33-year high in the first half of 2007.

On the other hand, the telecommunications sector was lower after KDDI (TYO: 9433) and Softbank (TYO: 9984) both decided to cut fees to mobile phone users.

NTT DoCoMo (TYO: 9437) fell 1.1 percent to ¥181,000, while Softbank dropped 2.7 percent to ¥2,665 and KDDI was 6.1 percent lower to ¥853,000.

The consumer finance sector also saw losses.

Sanyo Shinpan (TYO: 8573) was 2.2 percent lower to ¥3,520, while Takefuji fell 5.4 percent to ¥3,820 and Promise was down 6.6 percent to ¥3,540.

Tokyo’s equities markets were higher on Thursday, as the Nikkei 225 added 0.6 percent to 18,116.57 and the Topix index gained 0.5 percent to 1,768.

Tokyo Electric Power (TYO: 9501) continued to decline after reports of earthquake damage to one of its nuclear power plants.

It dropped another 5.6 percent to ¥3,400 after Nomura Securities (TYO: 8604; NYSE: NMR; SGX; N33) reduced its recommendation from “neutral” to “reduce”.

The real estate sector also saw declines, with Mitsubishi Estate (TYO: 8802) down 0.9 percent to ¥3,180 and NTT Urban Development (TYO: 8933) falling 1.4 percent to ¥217,000.

The consumer finance sector saw advances after it was reported that Promise (TYO: 8574) and Sanyo Shinpan Finance (TYO: 8573) are about to agree to a merger.

Trade in both companies was halted after the reports, but Promise had added 5.9 percent to ¥3,790 and Sanyo Shinpan was 12.2 percent higher to ¥3,600 before that occurred.

Elsewhere in the sector, Takefuji (TYO: 8564) gained 7.7 percent to ¥4,404 and Aiful (TYO: 8515) was up 11.2 percent to ¥3,480.

The steel sector was up in anticipation of the release of JFE Holdings’ (TYO:5411) quarterly results, due at the end of the month.

JFE added 4.4 percent to ¥8,270, while Nippon Steel (TYL: 5401) was 4.7 percent higher to ¥919.

The Tokyo equities markets were lower on Wednesday as both domestic and export-reliant sectors saw declines. The Nikkei 225 and the Topix index each dropped 1.7 percent to 16,946.89 and 1,663.

Domestically, the consumer finance sector was mixed when Citigroup said it would close 80 percent of its consumer finance branches in the nation, citing expectations that profitability will decline. While Credit Saison added 1.1 percent to ¥4,560, Takefuji dropped 1.3 percent to ¥5,200.

Japan Airlines was 3.1 percent higher to ¥232 after it said it will record ¥25 billion in extraordinary profit in the fiscal year ending March 31. The air carrier attributed this to a decline in pension obligations.

In the electronics sector, Sony was down 2 percent to ¥5,440 despite receiving a broker upgrade on Tuesday. Matsushita Electric Industrial fell 3.6 percent to ¥2,290 on the news that it will open a new plasma display factory which will cost it $2.4 billion. Some analysts feel that the move is not cost-effective.

The oil sector declined due to the falling price of crude oil. Inpex dropped 2 percent to ¥909,000, while Nippon Oil fell 4 percent to ¥772, hurt not only by lower oil prices but also by a downgrade from Morgan Stanley, which dropped its recommendation from “equal weight” to “underweight”. Bucking the trend, Idemitsu Kosan added 0.2 percent to ¥10,880 as Mitsubishi UFJ Securities began coverage of the oil refiner by setting a target share price of ¥12,500.

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.