Developments driving morning-session activity included Mitsubishi Electric's transfer of a 50% stake in its mobility business to Hon Hai Precision, along with reports on the technology and management trends of several companies.
According to the announcement made on 16 October, Mitsubishi Electric will transfer 50% of the issued shares of its subsidiary Mitsubishi Electric Mobility to Lin Yin International Investment, an investment management company of Hon Hai Precision Industry. Mitsubishi Electric Mobility is therefore expected to become an equity-method affiliate and be excluded from the scope of consolidation.
Kringle Pharma announced that its IND for oremepermin alfa for acute spinal cord injury had been submitted to the US FDA and had become effective. This is expected to advance preparations for the launch of a global Phase 3 clinical trial.
A change report received on 16 October showed that Hikari Tsushin's stake in Kyoei Security Service had increased from 6.13% to 7.14%. The stated investment purpose was pure investment.
SBI Securities cut Silver Life's target price from ¥1,210 to ¥1,000 in its investment assessment. The cut was attributed to the incorporation of higher personnel and food ingredient costs.
Retty indicated limit-up buying amid reports that support measures for the restaurant industry were under consideration. A Nikkei report that the prime minister had suggested considering measures including Go To Eat influenced the stock.