Tokyo (dpa) - The Tokyo stock market opened higher Thursday after the US Federal Reserve cut its key interest rate to spur the economy. 

Tokyo - Sumitomo Mitsui Financial Group Inc on Wednesday said it expects full-year profits to fall by more than 60 per cent due to the global financial crisis.

Sumitomo Mitsui, one of Japan's three mega banks, expects its net profit to fall 62.5 per cent to 180 billion yen (1.9 billion dollars) for the fiscal year through March, compared to a 480-billion-yen profit it forecast in May.

Sumitomo Mitsui estimated its operating revenues for the financial year to decline 5.1 per cent to 3.7 trillion yen from an initially projected 3.9 trillion yen, due to rising loan-loss provisions as well as losses in its stock investments.

Tokyo - Nippon Steel Corp on Wednesday revised upward its full-year earnings forecast, despite reporting a decline in profits for the second quarter.

Japan's largest steelmaker expects net profit to increase 7 per cent to 330 billion yen (3.49 billion dollars) for the full year that ends on March 31, up from initial projections of 255 billion yen.

The company said the upward revision was due to falling prices of row materials and crude oil.

Sales were expected to rise 11.9 per cent to 5.4 trillion yen.

For the July-September period, Nippon Steel's net profit dropped 12 per cent to 78.92 billion yen from the previous year.

Tokyo - Fujitsu Ltd on Wednesday revised down its earnings forecast for the year because of the yen's rise against other major currencies and sluggish demand for computers as its second-quarter profit dropped 21 per cent.

The Japanese company estimated a net profit of 60 billion yen (634.14 million dollars) for the full business year, which ends March 31, up 25 per cent from the previous year but down from an initial projection of 100 billion yen.

Operating profit was projected at 150 billion yen, down from an earlier forecast of 220 billion yen, and sales were revised down to 5.05 trillion yen from 5.35 trillion yen, owing to an expected fall in consumer electronics demand amid the slowing global economy.

Tokyo - Sony Corp saw its net profit plunge 71.8 per cent in the second quarter as demand for consumer electronics slowed and the yen rose in value against other major currencies, the company said Wednesday.

The Japanese electronics company reported a net profit of 20.8 billion yen (219.84 million dollars) in the July-September quarter, compared to 73.7 billion yen a year before.

Operating profit also tumbled 90.1 per cent to 11 billion from 111.6 billion yen during the second quarter a year earlier, and sales dipped 0.5 per cent to 2.07 trillion yen from 2.08 trillion yen, the company said.

Tokyo - Sony Corp saw its net profit plunge 71.8 per cent in the second quarter as demand for consumer electronics slowed and the yen's value rose against other major currencies, the company said Wednesday.

The Japanese electronics company reported a net profit of 20.8 billion yen (219.84 million dollars) in the July-September quarter, compared to 73.7 billion yen a year before.

Operating profit also tumbled 90.1 per cent to 11 billion from 111.6 billion yen during the second quarter a year earlier, and sales dipped 0.5 per cent to 2.07 trillion yen from 2.08 trillion yen, the company said.

For the first half of the business year, which starts in April, Sony saw its net profit tumble 60.2 per cent year-on-year to 55.79 billion yen.