TOKYO, Nov 20 (Reuters) - The benchmark Nikkei average fell 1.3 percent and the broader TOPIX was 0.8 percent lower on Friday.
The following stock was on the move:
**MITSUBISHI CHEMICAL CLIMBS AFTER BROKER UPGRADE**
Mitsubishi Chemical Holdings surged 6.1 percent to 312 yen after Nomura Securities upgraded its rating on the company's shares to '1' from '2', citing Mitsubishi Chemical's announcement on Thursday that it would launch a a roughly 228 billion yen ($2.6 billion) bid to buy acrylic fibre and resins maker Mitsubishi Rayon.
'This business integration is likely to be a first step toward a major leap for the company's group,' Nomura analyst Shuichi Nishimura said in a research note.
0158 GMT
**SONY FALLS AFTER ANNOUNCING NEW BUSINESS STRATEGY**
Sony shares fall 2.6 percent to 2,405 yen after it pushed back an elusive target of an operating profit margin of 5 percent to March 2013 and said it aims to make its videogame and TV operations profitable next year.
Sony's TV business is in its sixth straight year of losses as it struggles to compete with South Korean rivals such as Samsung Electronics Co Ltd, and analysts say it will be difficult for the unit to turn profitable soon.
0017 GMT
(Reporting by Tokyo bureau) ((Tokyo Markets Team; tokyo.markets@thomsonreuters.com; +81-3-6441-1872)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))
Keywords: MARKETS JAPAN STOCKS HOT (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen For more information on Top News, visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The following stock was on the move:
**MITSUBISHI CHEMICAL CLIMBS AFTER BROKER UPGRADE**
Mitsubishi Chemical Holdings surged 6.1 percent to 312 yen after Nomura Securities upgraded its rating on the company's shares to '1' from '2', citing Mitsubishi Chemical's announcement on Thursday that it would launch a a roughly 228 billion yen ($2.6 billion) bid to buy acrylic fibre and resins maker Mitsubishi Rayon.
'This business integration is likely to be a first step toward a major leap for the company's group,' Nomura analyst Shuichi Nishimura said in a research note.
0158 GMT
**SONY FALLS AFTER ANNOUNCING NEW BUSINESS STRATEGY**
Sony shares fall 2.6 percent to 2,405 yen after it pushed back an elusive target of an operating profit margin of 5 percent to March 2013 and said it aims to make its videogame and TV operations profitable next year.
Sony's TV business is in its sixth straight year of losses as it struggles to compete with South Korean rivals such as Samsung Electronics Co Ltd, and analysts say it will be difficult for the unit to turn profitable soon.
0017 GMT
(Reporting by Tokyo bureau) ((Tokyo Markets Team; tokyo.markets@thomsonreuters.com; +81-3-6441-1872)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))
Keywords: MARKETS JAPAN STOCKS HOT (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen For more information on Top News, visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.