The yen continued to soar against the dollar, rising to 114.37 from 114.39 and also firmed to 162.49 from 162.51 against the euro.

Fuji Heavy Industries gained after it revised its fiscal year 2008 earnings forecast by 63% spurred by increased demand from Russia and China. Preliminary net income forecast for the six months ended September 30 was 7.8 billion-yen. The company also revised upwards net income forecast to 17 billion yen and sales were revised 0.6% up to 1.56 trillion yen for year ending March 31.

Financial stocks gained after the alliance between China based Citic Securities and the U.S. based Bear Stearns breathed optimism in the financial markets. Mitsubishi UFJ Financial Group gained 1.85%, Mizuho Financial Group edged up 0.65% and Sumitomo Mitsui Financial Group 2.28%.

Technology stocks rose on bullish sentiment stocked by Nikkei reports Hitachi Limited would withdraw from the personal computer business thereby increasing the profitability of other computer makers. Sony Corp and Toshiba jumped 0.19% and 1.77% respectively on the news.

Seiyu Limited, discount supermarket operator, jumped to the daily limit of 30 yen to 117 yen after Wal-Mart said that it will offer 140 yen per share for the rest of the 50% of the company that it does not own. The struggling supermarket chain has failed to generate profit and sustain market share.

All Nippon Airways would be offering 10% to 15% cheaper flights via Tokyo, Osaka and Nagoya, in the fiscal year 2009 starting April 1st of 2008. Furthermore it will cut seven direct routes linking cities to increase the percentage seats filled during flights.


5:00AM New York, 6:00PM Tokyo - The Australia index rise on banking and mining stocks by 1.3%.

In Sydney trading ASX 200 Index gained 1.3% or 83.6 to 6,660.90. BHP added 0.2% and RTP increased 0.9%. Preliminary stock turnover was 1.67 billion shares worth $6.59 billion, with 811 stocks up, 447 down, and 339 unchanged. Pacrim Energy led the most active stocks list with 34.37 million shares changing hands worth $1.12 million.

BHP Billiton Ltd (BHP: chart) today released its third quarter production report indicating 7% increase in iron ore output for the three months period to September 30th to a record 25.9 million tons against 24.2 million tons for the corresponding period last year.

According to the company the quarterly production record achieved for iron ore was underpinned by strong demand and a rapid growth in the company''s Western Australia Iron Ore Project 2 which achieved nameplate capacity during the current quarter.

The company said that other projects that performed above expectation in iron ore production included Worsley, Western Australia Iron Ore, Illawarra Coal, Hunter Valley Coal (all Australia), Hillside (South Africa), Samarco (Brazil), and Cerrejon Coal (Colombia) operations.

The company also achieved record for natural gas and natural gas liquids at Bass Strait (Australia) and silver at Escondida (Chile) and Antamina (Peru) while Petroleum production at 30.34 million barrels of oil was in line with prior periods reflecting strong facility and reservoir performance offsetting natural field decline.

The company''s largest profit contributor included base metals, such as copper, which accounted for a third of pretax earnings.

Copper production rose 23% to 307,800 tons. Unplanned smelter maintenance and lower mining grades at its Olympic Dam copper, gold, and uranium mine slowed copper production growth in the quarter.

Nickel production dropped 13% to 38,600 tons because of planned maintenance at the Kalgoorlie nickel smelter and the Yabulu refinery, both in Australia, the company said.

Woolworths Ltd reported 8.9% jump in first quarter sales during the three months ended Sept 30th for the fiscal year 2008. The company grossed A$11.696 billion, compared to A$10.7443 billion in the first quarter of the 2007 financial year. Woolworths stocks jumped 2.5% on the news and lifted Cole Meyers by 1.2%.

The general merchandise division sales increased 16.5% during the quarter to $1.301 billion from A$1.117 billion while supermarket sales rose 8% to $10.058 billion from A$9.316 billion from a year ago.

Woolworths chief executive Michael Luscombe said he was pleased with the momentum of the business, though discretionary spending continued to be influenced by fluctuating petrol prices and higher interest rates.

""""""""We have maintained the strong momentum in all our businesses. Particularly pleasing are the excellent results from BIG W and New Zealand Supermarkets,"""""""" he said.