TOKYO -- It was only yesterday that investors fretted about more corporate bankruptcies, but they didn't seem much concerned Wednesday.
Tokyo ignored the second corporate failure in less than a week and decided the slip in the
overnight was much more important. Large- and small-cap tech shares were sold off but with a market holiday coming up Thursday, selling volume was light.
index closed up 38.50 to 16,983.57, while the
index, which includes all shares listed on the
Tokyo Stock Exchange's
first section, ended the trading day having shed 2.28 to 1539.67. The
small-cap index lost 0.92, or 1.1%, to 82.40, while the Nikkei
index lost 17.67, or 1.0%, to 1709.36 for the session.
, part of the privately held
financial group, filed for bankruptcy under court protection with $4.8 billion in liabilities late Tuesday. This follows the
collapse of department store operator
last Wednesday, which marked Japan's second-largest failure to date. However, the market tossed bankruptcy concerns aside, and after an initial dip in tech shares, fund managers bought back key stocks to leave Tokyo markets near flat.
lost 120 yen, or 3.7%, to 3090 ($28.63), while
shed 42, or 3.7%, to 1090. Shares of
Nippon Telegraph & Telephone
dipped 20,000, or 1.4%, to 1.41 million despite the U.S. and Japan agreeing to cut NTT's regional interconnection rates by 50% and local rates by 20% over the next two years.
Fund managers seemed to like
, which rose 400, or 2.3%, to 17,600. The firm said group sales between April and June topped the original target by 20% due to robust sales in mobile phone parts. Internet incubator and mobile phone reseller
jumped 500, or 10.7%, to 5170 after the
reported the firm may oust founder and chief executive Yasumitsu Shigeta as part of its planned restructuring program.
dropped 34, or 7.4%, to 428 after the firm said it was recalling 514,000 cars and trucks to fix faulty seat belts and engine parts. The recall came after the
Ministry of Transportation
raided the firm on suspicion it had been hiding customer complaints about its vehicles for the last two years.
is close to taking a 34% stake in Mitsubishi.
The greenback edged slightly lower in lethargic Tokyo trading and recently fetched 107.94 yen.
Tech shares gave a boost to Hong Kong's
index, which closed up 269.24, or 1.5%, to 17,710.07.
gained HK$2.50, or 2.1%, to 119.50 ($15.33), while Johnson Electric climbed 2.75, or 4.0%, to 72.00.
Elsewhere in Asia, Korea's
index shed 15.03, or 1.9%, to 797.30, while Taiwan's
index rose 43.10 to 8411.88.