Nikkei wary on banking probe
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Sony Corp is lower in early trading on Monday.
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TOKYO, Japan (Reuters) -- Japanese stocks have opened down Monday after a weekend report that Japan's financial watchdog will investigate loan records at a unit of Japan's fourth biggest banking group, UFJ Holdings.
The Nikkei 225 average is down 0.63 percent at 10,998.94 after it gained 1.95 percent last week.
The Topix index of all first section issues is down 0.48 percent at 1,071.78.
The bank controversy comes on a quiet day for stocks around the region. Some bourses are shut for Chinese New Year, while the Australian Stock Exchange is also taking a day off for Australia Day.
South Korea's Kospi index is 0.68 percent higher to 867.27 with bellwether Samsung moving aggressively up 3.23 percent.
In Singapore, the Straits Times index is marginally lower, down 01.7 percent at 1886.36.
In Tokyo meanwhile, shares in UFJ were untraded with a glut of sell orders at 512,000 yen, 3.76 percent below Friday's close.
That comes after the Nihon Keizai business daily said the Financial Services Agency discovered the situation of many of its borrowers might be worse than indicated in the bank's official assessments.
Sony Corp is down 1.12 percent to 4390 yen. Softbank Corp was also off, tumbling 1.96 percent to 4000 yen.
The market seemed unswayed by Japan's trade surplus, which surged 41.2 percent in December, according to government figures released Monday.
The surplus increased to 1.12 trillion yen ($10.6 billion), the Finance Ministry said.
U.S.-based investment firm Steel Partners Japan Strategic Fund said it is raising its bid for Japanese textile firm Sotoh Co to 1,400 yen per share and offering to buy 100 percent of outstanding stock.
That compares with a counter offer by NIF Ventures Co of 1,250 yen per Sotoh share, aiming to take 66.67 percent of the company.
Last month Steel Partners bid to raise its 12.36 percent stake in Sotoh to 33.34 percent, a level that would give it veto rights in boardroom decisions.
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Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
