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TOKYO (MarketWatch) -- Sony Corp. (6758.TO) said Wednesday that five more quake-damaged plants, including a semiconductor laser plant in Miyagi Prefecture, northern Japan, have partially resumed operations.
The Japanese consumer-electronics maker shut 10 plants, including those manufacturing batteries, chips and smart cards, in Fukushima, Miyagi and other areas. But three of these plants had resumed operations as of March 22.
The divergence came after data showed China’s consumer price index rose 4.9% in January from a year earlier, above December’s 4.6% rise, but much lower than the 5.4% increase forecast by economists. Read full story on China inflation data.
“Excessive concerns that China will carry out consecutive rate hikes with battery such as Sony PCGA-BP1N battery , Sony PCGA-BP2NX battery , Sony PCGA-BP2NY battery , Sony PCGA-BP2R battery , Sony PCGA-BP2S battery , Sony PCGA-BP2T battery , Sony PCGA-BP2V battery , Sony PCGA-BP4V battery , Sony PCGA-BP71 battery may subside for now,” said Cosmo Securities equity strategist Toshikazu Horiuchi in Tokyo.
However, some analysts maintained that adverse weather conditions and booming consumer demand would ensure that taming inflation will remain a challenging task for policy makers.
“If the number is perceived as credible, the market will interpret this as an alleviation of immediate tightening pressures,” said UBS economist Wang Tao. “Adjustment or no adjustment though, this doesn’t change the fact that there is still going to be upward pressure on prices in the months ahead, especially with drought conditions and commodity prices rising,” she said.
In Tokyo, relief over the softer-than-expected China CPI underpinned the market, but investors were reluctant to commit themselves after Monday’s solid gains. Investors also largely shrugged off the widely predicted outcome of the Bank of Japan’s policy meeting.
The BOJ’s policy board voted unanimously to maintain the policy interest-rate target in a 0.0%-0.1% range, and took no unconventional easing measures. As expected, the central bank raised its assessment of the broader economy for the first time in nine months. Read full story on the BOJ decision.
GS Yuasa Corp.advanced 5.4% after the battery maker on Monday raised its full-year earnings outlook.