Stocks in Tokyo edged higher on growing speculation that U.S. subprime loan losses may remain at current levels. Strong earnings from Caterpillar lifted stocks of Kubota and Komatsu. Honda led gainers in the Nikkei 225 index with a surge of 8% followed by a rise of 7% in NEC. Chip maker, NEC reported better than expected operating profit in 2007.
Sumitomo Mitsui to buy loans from China
Bloomberg news reported today that Sumitomo Mitsui Financial Group director Chris Chan said the bank is buying high-yielding loans from China and will also target lending to large state-owned companies.
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