Japanese stocks head lower

	A court has cleared the way for UFJ and MTFG to merge, in what would be the world's biggest bank by assets.
	YOUR E-MAIL ALERTS Nikkei Kospi Topix or Create your own Manage alerts | What is this?

TOKYO, Japan -- Japanese stocks are lower at midday Tuesday after Wall Street declined. Techs, banks and carmakers are in the red.

Other Asian markets are mixed, with gains in Australia, Singapore and Taiwan, but a fall in South Korea.

The dollar is up slightly against the Japanese yen.

The Nikkei 225 stock average is down 1.18 percent to 11,052.87 at the end of the morning session. On Monday the benchmark fell 0.22 percent.

The broader Topix index of all first section issues on the Tokyo Stock Exchange is down 0.93 percent to 1127.38. On Monday, the Topix was flat, finishing at 1138.02.

The dollar is quoted at 109.70 yen at midday Tuesday in Tokyo.

Elsewhere in the region, Taiwan is leading the gains, with a rise of 1.06 percent for the Taiex.

Australia and New Zealand are showing small gains of around 0.15 percent, and Singapore's Straits Times index is up a quarter of a percent.

But in Seoul, the Kospi is down 0.6 percent to 800.20.

In Tokyo, high-technology and automobile shares are leading the market lower after Wall Street's declines, with Toshiba, NEC and Softbank losing ground. Nissan and Toyota are also in the red.

Sumitomo Trust is down 1.8 percent after its suit to block merger talks between UFJ and Mitsubishi Tokyo Financial Group was rejected by the Supreme Court on Monday. (Full story)

Sumitomo Mitsui Financial, the parent of Sumitomo Trust, is 1.2 percent lower as its prospects for luring UFJ away from Mitsubishi Tokyo faded in the wake of the court decision.

Shares in Mitsubishi Tokyo Financial, the healthiest of Japan's biggest four banking groups, have edged 0.30 percent higher. It hopes to gain UFJ's retail client base and its prize corporate customers such as Toyota through the merger.

In New York Monday, shares fell after an unsettling report on consumer incomes. The Dow Jones industrial average fell 0.7 percent to 10,122.52, while the Nasdaq lost 1.37 percent to 1836.49. (Full story)

Story Tools		Click Here to try 4 Free Trial Issues of Time!

CNN/Money: Convictions in Tyco case • Oil prices hit record high • European stocks end higher • Toyota aims for $50,000 hydrogen car

EU 'crisis' after summit failure • Iran poll to go to run-off • 40 million credit cards exposed • U.S. House votes to keep U.N. dues