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.

Banks were lower in Tokyo on Friday and that, with a yen that was stronger versus the US dollar, sent equities markets lower on the session. The Nikkei 225 dropped 0.7 percent to 16,744.15, while the Topix index fell 1 percent to 1,677.06.

The banking sector was down 2.5 percent as a whole. Mizhuo Financial (TYO: 8411; NYSE: MFG) dropped 2.3 percent to ¥753,000, while Mitsubishi UFJ (TYO: 8306; NYSE: MTU) was 3 percent lower to ¥1,310-,000. Banks have not seemed to be able to take advantage of higher rates to widen loan margins, as it had been expected they would do.

Automobile manufacturers, with their emphasis on exports, were hurt by the stronger yen. Toyota Motor (TYO: 7203; NYSE: TM; LSE: TYT) was down 0.7 percent to ¥7,610 and Nissan Motor (TYO: 7201; NAS: NSANY) dropped 0.9 percent to ¥1,285.

The electronics sector did better on the session. Electronics parts maker TDK (TYO: 6762; NYSE: TDK; LSE: TDK) added 4.8 percent to ¥9,950 on the news that it will purchase Alps Electrics (TYO: 6770), which makes hard disk drives. Alps gained 5.3 percent to ¥1,362.

The Tokyo equities markets were lower on Tuesday as the yen strengthened and investors chose to take profits in sectors such as real estate and steel. The Nikkei 225 dropped 0.7 percent to 17,178.84, while the Topix index was 0.9 percent lower to 1,725.43. The declines came amid wide declines in other Asian markets.

Export-focused sectors were hurt by the yen. The automobile manufacturing sector was 0.7 percent lower as a whole, while Toyota Motor (TYO: 7203.T; NYSE: TM; LSE: TYT) lost even more, dropping 1.1 percent to ¥7,790. Meanwhile, in the electronics sector, Sony (TYO: 6758; NYSE: SNE) was 2.1 percent lower to ¥6,110. TDK (TYO: 8326; NYSE: TDK; LSE: TDK), which makes electronics parts, however, added 3.8 percent to ¥9,650 after an upgrade from “neutral” to “buy” from Goldman Sachs (NYSE: GS).

In the steel sector, Nippon Steel (TYO: 5401) was down 2.1 percent to ¥868, while JFE Holdings (TYO: 5411) fell 2.6 percent to ¥7,350 as investors took profits following recent gains generated by consolidation rumors.

Mitsui Fudosan (TYO: 8801; NAS: MDSFF) dropped 0.9 percent to ¥3,440 in a real estate sector that dropped 1.1 percent on the session. Sumitomo Realty & Development (TYO: 8830) was 1.8 percent lower to ¥4,870.

Nikko Cordial (TYO: 8603; SGX: N06) added 6.1 percent to ¥1,490 after word from the Tokyo Stock Exchange that it will not delist the broker after all. The delisting had been widely expected after Nikko’s recent accounting scandal.

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.