World Markets: Tokyo

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The Independent Online
A SURGE in computer stocks and a slide in utility companies saw the Japanese benchmark Nikkei index close 5 points down at 13,842.

Kansai Electric Power, which provides electricity to the cities of Osaka and Kyoto, fell by 2 per cent as the yield on Japanese government bonds rose to 2.01 per cent, just under the yield implied by Kansai's last dividend payout.

"Bond prices are collapsing, driving yields up, and the people who bought these stocks for yield are moving into bonds," said one analyst.

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