Around the World's Markets: Tokyo

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TOKYO STOCKS finished modestly lower, with investors cautious ahead of the Japanese fiscal year-end. The Nikkei 225 closed down 11.88 points, or 0.08 per cent, at 14,146.79. Trading was relatively thin, with the market concerned that the unwinding of corporate cross-holdings ahead of year-end could cause price volatility.

The markets shrugged off negative earnings revisions from Sumitomo Bank and Industrial Bank of Japan. Isao Takahashi of HSBC Securities in Japan said: "The earnings forecasts were not a significant factor."