Japan Iron and Steel Federation says the August production of crude steel increased for the fifteen month with an increase of 3.7% compared to a year ago to 9.97 million metric tons driven mainly by rising global demand.

Realty developer Mitsui Sumitomo led the rising stocks in the index with a gain of 5.62% on firming land prices, followed by mineral resources company Sojitz Corp, climbing 25 or 5.49%. Hitachi Zosen soared 5.26%, while Marubeni Corporation added 5.21%. Japan Steel Work jumped 4.61% propped up by metal prices.

Metal prices upward spiral, driven mainly by demand from emerging economies, especially China, continues, as copper added 4%, while nickel recorded the biggest rise in three years to 9.9%. Zinc gained 5.1%.

Consumer lender Mitsubishi UFJ led the index decliners with a loss of 13.41% on speculation that falling consumer spending will hurt earnings and reports that the financial institution expects a 100 billion loss this year. Chipmakers Tokyo Electron and Adventist Corp, the world’s biggest memory –chip-testing equipment shed 4.92% and 4.65% respectively. Chubu Electric Power lost 4.49% and Sumitomo Trust retreated 4.48%.

Concerns of declining consumer spending also took their toll on consumer lenders providing unsecured lending such as Aiful, Acom and Promise.

Bloomberg news service reported that according to an analyst at DRAMeXchange, Asia’s largest computer memory chip market, memory prices will drop 10% between $16 and $17 in the first half of this month. Elpida, the largest memory maker, fell 6% and chip makers Advantest and Tokyo Electron declined 5%.