Share prices tumbled 2 percent in Tokyo yesterday as investors worried that the market had advanced too far the week before. Profit-taking dominated light trading as the 225-issue Nikkei average fell 557.94 points, or 2.1 percent, to end at 25,420.43. The average closed Friday with a 308.41-point gain.
Asiana Airlines of Korea has ordered 27 Boeing aircraft, with an option to buy another 24, in a deal that would total $6 billion. The announcement brings Boeing's 1990 firm orders to 283 with total value of about $27 billion, the Seattle-based company said. Northwest Airlines, meanwhile, will take delivery from Airbus Industrie of 75 commercial jets, and has taken out options on 30 more planes, in a deal worth $4.6 billion.
Japan will send a group to the United States and Western Europe this fall to promote foreign investment in Japan, the national daily newspaper Asahi Shimbun reported. The group will be sent by the Ministry of International Trade and Industry, which is concerned about a widening gap between Japanese investment abroad and foreign investment in Japan.
The 6,000 members of the National Association of Securities Dealers this week will begin voting on a complicated proposal designed to limit the sales fees that most mutual fund shareholders pay. Some long-term holders, such as those with retirement accounts, could end up paying higher sales-related fees over time if the rules are adopted.
Pan American World Airways said it reached an agreement in principle with Lufthansa German Airlines under which Pan Am will provide certain services and facilities in connection with Lufthansa's new Berlin operations, proposed to begin in October. Under the agreement, Lufthansa said pay Pan Am $150 million.