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Japan Real Estate Shares Slump; Chip Component Shares Gain

Patrick Rial and Satoshi Kawano Bloomberg
Japan Real Estate Shares Slump; Chip Component Shares Gain - Japan - Developer - Industrial Realty

July 22 (Bloomberg) -- Japanese property developer shares slumped amid concern the economy won’t stage a quick recovery, offsetting gains by makers of semiconductor materials after Shin-Etsu Chemical Co. said it is seeking to boost prices.

Tokyo Tatemono Co. lost 2.8 percent after the property developer’s president told the Nikkei on July 20 he doesn’t expect a sharp economic rebound in Japan. Mitsui O.S.K. Lines Ltd., the world’s largest merchant fleet operator, fell 1.3 percent, following a 1.6 percent retreat by the Baltic Dry Index. Shin-Etsu, the world’s largest maker of silicon wafers, jumped 4.7 percent after the Nikkei newspaper said the company may boost wafer prices by 40 percent.

About four shares rose for every three that fell on the broad Topix index. The gauge was little changed at 901.50 as of 10:43 a.m. in Tokyo, after advancing as much as 0.3 percent. The Nikkei 225 Stock Average was little changed at 9,648.66.


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