Japan stocks may edge down, but quiet before weekend

TOKYO, March 21 (Reuters) - Japanese stocks may edge down on
Friday, but the market is expected to move in a narrow range
ahead of the weekend and Good Friday holidays in other countries,
with no repeat of the big swings seen earlier in the week.

One stock in focus may be Mitsubishi Heavy Industries Ltd
(7011.T: Quote, Profile, Research) after the Nikkei business daily reported on Thursday
that the firm is preparing to go ahead with plans to launch a 150
billion yen regional jet project. [ID:nT335137]

The paper said the company was in the final stage of talks
with Japan Airlines Corp (9205.T: Quote, Profile, Research) and All Nippon Airways Co Ltd
(9202.T: Quote, Profile, Research) on orders for up to 70 of the planes, dubbed the
Mitsubishi Regional Jet.

"Tokyo market moves are likely to be limited since Wall
Street will be closed today," said Hiroichi Nishi, a general
manager of equity marketing at Nikko Cordial Securities.

"Even if it falls, it's unlikely to fall much since Japanese
shares have been oversold."

The Nikkei share average .N225 is expected to move between
12,100 and 12,400. The index rose 2.5 percent to 12,260.44 on
Wednesday following a tumble on Monday. The market was closed on
Thursday for a national holiday.

In a sign of how stocks may move, Nikkei futures traded in
Chicago 2NKc1 finished at 12,220 on Thursday, down 50 points
from Wednesday's Osaka close JNIc1.
----------------------MARKET SNAPSHOT @ 2256 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1329.51 2.39% 31.090
USD/JPY <JPY=> 99.07 -0.23% -0.230
10-YR US TSY YLD <US10YT=RR> 3.341 -- 0.000
SPOT GOLD <XAU=> 909.6 0.00% 0.000
US CRUDE CLc1 101.45 -1.06% -1.100
DOW JONES .DJI 12361.32 2.16% 261.66
-------------------------------------------------------------
> Wall St surges on hopes of easing credit crunch [.N]
> Dollar jumps vs euro as oil, gold prices drop [USD/]
> Losses as stocks rally, demand for T-bills high [US/]
> Gold at one-month low as investors shun commodities [GOL/]
> Oil extends slide on economic worries [O/R]
STOCKS TO WATCH
-- Toyota Motor Corp (7203.T: Quote, Profile, Research)

Japan's largest automaker is likely to miss its groupwide
global sales target for this year, hit by slowing sales in major
markets and a firming yen, an executive vice president said on
Thursday. [ID:nSEO333138]

-- Nintendo Co Ltd (7974.OS: Quote, Profile, Research)

KBC Securities Japan cut its rating on Nintendo to "hold"
from "buy", citing slowing demand for its DS handheld game player
and growing concern over overseas growth.

-- Sompo Japan Insurance Inc (8755.T: Quote, Profile, Research)

The nonlife insurance firm said on Wednesday it raised its
annual dividend forecast to 20 yen per share from 16 yen.

-- Riken Corp (6462.T: Quote, Profile, Research)

The car parts maker said on Wednesday it would buy back up to
3 billion yen worth, or 5.7 percent, of its own outstanding
shares from March 21 to June 13.

-- JGC Corp (1963.T: Quote, Profile, Research)

The engineering firm said on Wednesday it would buy back up
to 1.8 billion yen or 0.4 percent of its outstanding shares from
March 21 to 31.

-- Toshiba Corp (6502.T: Quote, Profile, Research)

The electronics conglomerate cut its annual pretax profit
outlook by 29 percent on Wednesday, hit by falls in prices of
NAND flash memory chips and the cost of pulling out of
next-generation DVDs. [ID:nT12296]

Following the forecast revision, Nikko Citigroup cut its
rating on Toshiba to "hold" from "buy".

Separately, Toshiba will look to cooperate with Russia in
developing civilian nuclear power assets after signing an
agreement on Thursday with Russia's giant state-owned nuclear
firm, Atomenergoprom. [ID:nL20341817]

-- Mitsubishi Chemical Holdings Corp (4188.T: Quote, Profile, Research)

Mitsubishi Chemical Corp, Japan's biggest petrochemical
maker, said it restarted operations at the No. 2 unit of its
Kashima ethylene plant on Wednesday, about three months after it
was hit by a fire that claimed four lives. [ID:nT298164]

-- Acom Co Ltd (8572.T: Quote, Profile, Research), Promise Co Ltd (8574.T: Quote, Profile, Research), Shinsei
Bank Ltd (8303.T: Quote, Profile, Research)

Acom, Promise and Shinsei are expected to make offers in the
final bidding for General Electric Co's (GE.N: Quote, Profile, Research) Japanese consumer
loan business on Monday, sources with direct knowledge of the
deal told Reuters. [ID:nT30864]

-- Juki Corp (6440.T: Quote, Profile, Research)

Japan's government ordered a sales unit of sewing machine
maker Juki Corp to suspend operations for six months due to
illegal sales practices, Jiji news reported on Wednesday.

--Reicof Co Ltd 8941.OJ

The Osaka securities exchange said on Thursday it would
delist the real estate investment consulting firm from the
bourse's Hercules startup market after the firm said it filed for
a court protection from creditors.
(Reporting by Taiga Uranaka; Editing by Hugh Lawson)