Tokyo  - Honda Motor Co sold its Formula One racing team to its former manager Ross Brawn, Japan's second largest carmaker announced Friday in Tokyo.

Honda pulled out of F1 in December, citing the global economic crisis, since then the Brackley, England-based Honda Racing F1 Team (HRF1) team fought for its survival.

"The entire shares of the HRF1, held by Honda GP Holdings Ltd, the UK-based holding company for HRF1 that managed all operations of Honda's Formula One racing, were sold to Ross Brawn," a company statement said.

Tokyo - The office of Ichiro Ozawa, president of Japan's main opposition party, the Democratic Party of Japan, received a total of 200 million yen (2 million dollars) in allegedly illegal corporate donations from the Nishimatsu Construction Company over 10 years, Japanese media said on Thursday.

The case of allegedly illegal corporate donations has stirred the nation's political scene and damaged Ozawa's chances of becoming the next prime minister in an election slated for this autumn, Japan's daily newspaper The Asahi Shimbun said.

Tokyo  - Demand for foreign-brand cars in Japan declined and imported vehicle sales in February sank to the lowest level in 20 years amid the global financial turmoil, an industry body said Thursday.

Sales of new cars imported from overseas fell 33.9 per cent in February to 12,350 units from the same month a year before, the Japan Automobile Importers Association said.

Sales of vehicles made by foreign companies declined 34 per cent to 10,833 units, and those of vehicles produced by Japanese makers abroad sank 33.2 per cent to 1,517 units.

Tokyo  - The Japanese market extended gains Thursday as optimism spread that China's economic stimulus measures may help the world economy to recover.

As the National People's Congress, the nominal parliament of the ruling Communist Party, opened Thursday in Beijing, Japan's benchmark Nikkei 225 Stock Average jumped 196.9 points, or 2.7 per cent, to 7,487.86.

The congress is expected to focus on measures to boost China's economy to overcome the global downturn.

Tokyo  - The Tokyo market extended losses Wednesday after Wall Street declined overnight and concerns over domestic politics spread.

The benchmark Nikkei 225 Stock Average edged down 59.55 points, or 0.82 per cent, to 7,170.17.

The broader Topix index of all first section issues was also down 6.92 points, or 0.95 per cent, to 719.88.

The market sentiment remained pessimistic after the US Dow Jones industrial average extended its losing streak to a fifth market day on persistent economic worries.

Tokyo - Japanese prosecutors on Tuesday raided an office of a political group that manages funds for Ichiro Ozawa, president of the opposition Democratic Party of Japan on suspicion of having received illegal donations from a construction company, media reports said.

The group, Rikuzankai, located in central Tokyo, allegedly received corporate donations from a former official of Nishimatsu Construction Co, according to a NHK television report.