Tokyo Stocks Fall Further on Wall Street Downturn

Among other losers were clothing store chain Fast Retailing and technology investor SoftBank Group. Semiconductor-related issues, including Tokyo …

Stocks extended their losses on the Tokyo Stock Exchange Wednesday, as investor sentiment was dampened by overnight drops in U.S. equities.

The 225-issue Nikkei average sank 107.22 points, or 0.51 percent, to end at 21,086.59. On Tuesday, the key market gauge shed 92.18 points.

The Topix index of all first-section issues closed down 9.15 points, or 0.59 percent, at 1,534.34, after losing 4.25 points the previous day.

The market opened sharply lower, after Wall Street took a downturn Tuesday following remarks by senior policymakers of the U.S. Federal Reserve suggesting the possibility of the Fed refraining from cutting interest rates by a big margin next month, brokers said.

But Tokyo stocks showed some resilience later in the morning, helped by a halt in the yen’s strengthening against the dollar.

In the afternoon, however, selling outpaced buying again as investors took to the sidelines ahead of a meeting between U.S. President Donald Trump and his Chinese counterpart, Xi Jinping, to be held on the sidelines of the two-day Group of 20 summit starting in Osaka Friday.

Moves to dump issues that went ex-dividend Wednesday also weighed on the market, brokers added.

U.S. stocks’ weakness was solely responsible for the Tokyo market’s plunge, Yoshihiko Tabei, chief analyst at Naito Securities Co., noted.

In addition to the receding expectations for a substantial rate cut by the Fed, weaker-than-expected U.S. economic indicators released Tuesday “also worked to chill sentiment,” he said.

Falling issues outnumbered rising ones 1,552 to 508 in the TSE’s first section, while 77 issues were unchanged.

Volume decreased to 935 million shares from Tuesday’s 1,029 million shares.

Defensives met with selling, with daily goods supplier Kao falling 2.78 percent, cosmetics maker Shiseido 2.45 percent and job information service firm Recruit Holdings 1.51 percent.

Automaker Isuzu extended its losing streak to a fifth session.

Among other losers were clothing store chain Fast Retailing and technology investor SoftBank Group.

Semiconductor-related issues, including Tokyo Electron and Advantest, fared well on media reports that major U.S. chipmaker Micron Technology Inc. resumed shipments of some products to China’s Huawei Technologies Co.

Also on the positive side were drug maker Astellas and industrial robot producer Yaskawa Electric.

In index futures trading on the Osaka Exchange, the key September contract on the Nikkei average fell 30 points to end at 21,050.

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Favorable Media Coverage Extremely Likely to Impact SoftBank Group (OTCMKTS:SFTBF) Share …

Media stories about SoftBank Group (OTCMKTS:SFTBF) have been trending positive recently, according to InfoTrie Sentiment Analysis. The research …

SoftBank Group logoMedia stories about SoftBank Group (OTCMKTS:SFTBF) have been trending positive recently, according to InfoTrie Sentiment Analysis. The research group rates the sentiment of media coverage by reviewing more than 6,000 news and blog sources in real-time. The firm ranks coverage of public companies on a scale of negative five to positive five, with scores closest to five being the most favorable. SoftBank Group earned a news sentiment score of 2.56 on their scale. InfoTrie also assigned news stories about the company an news buzz score of 10 out of 10, indicating that recent media coverage is extremely likely to have an effect on the stock’s share price in the near future.

SFTBF stock opened at $94.59 on Thursday. SoftBank Group has a 52 week low of $62.59 and a 52 week high of $112.50.

ILLEGAL ACTIVITY WARNING: “Favorable Media Coverage Extremely Likely to Impact SoftBank Group (OTCMKTS:SFTBF) Share Price” was published by Sundance Herald and is the property of of Sundance Herald. If you are reading this news story on another publication, it was illegally copied and republished in violation of United States & international copyright law. The legal version of this news story can be viewed at https://sundanceherald.com/2019/06/20/softbank-group-otcmktssftbf-receives-daily-news-impact-score-of-2-56.html.

SoftBank Group Company Profile

SoftBank Group Corp., together with its subsidiaries, operates in the information industry in Japan and internationally. The company operates through six segments: Domestic Telecommunications, Sprint, Yahoo Japan, Distribution, ARM, and SoftBank Vision Fund and Delta Fund. The Domestic Telecommunications segment provides mobile communications and broadband services; and telecom services, such as data communications and fixed-line telephone services to corporate customers, as well as sells mobile devices.

See Also: The Structure of a Futures Contract

Insider Buying and Selling by Quarter for SoftBank Group (OTCMKTS:SFTBF)

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Softbank Group failed to declare 420 billion yen in taxable income

Softbank Group Corp. failed to declare about 420 billion yen ($4 billion) in taxable income in the year ended in March 2018, apparently a record sum …

Softbank Group Corp. failed to declare about 420 billion yen ($4 billion) in taxable income in the year ended in March 2018, apparently a record sum but not one deemed as tax evasion.

The Tokyo-based telecommunications carrier explained it chalked up a loss of about 1.4 trillion yen in relation to the stock of British chip designer Arm, which it purchased in 2016 for about 3.3 trillion yen.

However, the Tokyo Regional Taxation Bureau did not allow Softbank Group to book about 30 percent of the 1.4 trillion yen as a loss, sources said.

The company has already filed a modified tax declaration.

But even after the revision, its total loss exceeded its profits. For this reason, the company was not ordered to pay additional taxes.

It is extremely rare for a company to fail to declare such a vast sum in income.

In May 2017, Softbank Group established an investment fund named Softbank Vision Fund worth 10 trillion yen.

According to the sources, the company transferred part of its Arm shares to the fund in the form of investment in 2018. However, the market price of the shares at the time was lower than the price paid by the company when it purchased Arm in September 2016.

The company booked the difference, 1.4 trillion yen in total, as a loss.

However, the taxation bureau viewed the situation differently and said the company had failed to declare 420 billion yen in income.

“There was a difference of views (between tax authorities and our company) about when the loss should be reported,” Softbank Group said.

“About 400 billion yen will be reported as a loss in the year that ended in March 2019. This is not a matter of tax evasion, like concealing income,” it added.

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Jun.18 — Osuke Honda, general partner at DCM Ventures, talks about the initial public offering of Sansan, a Japanese maker of software to digitally …

Jun.18 — Osuke Honda, general partner at DCM Ventures, talks about the initial public offering of Sansan, a Japanese maker of software to digitally organize business cards. DCM is Sansan’s second-largest shareholder. Honda speaks on “Bloomberg Markets: Asia.”

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Oil and Gas Robotics Market: (2019-2025) Insights and Development Trends

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