Price Hikes, Weaker Yen Boost Japanese Manufacturers' Earnings

Tokyo, May 10 (Jiji Press)--Japanese manufacturers reported robust earnings for the year ended last March thanks to increases in product prices and a weaker yen.

Nearly 70 pct of 487 component companies of the TOPIX Japanese stock index that have announced their earnings results logged higher net profits from the previous year, according to SMBC Nikko Securities Inc.

The combined net profits of 1,421 surveyed companies are expected to rise 15.0 pct to 47,937 billion yen, hitting a record high for the third consecutive year.

Among the 487 companies that have announced their results, manufacturers' combined net profits climbed 23.9 pct.

Automakers' net profits nearly doubled. The yen's weakness pushed up Toyota Motor Corp.'s operating profit by 685 billion yen.

[Copyright The Jiji Press, Ltd.]