The following stocks were on the move: CALSONIC KANSEI UP AFTER UBS UPGRADE Calsonic Kansei jumped 7.4 percent to 392 yen after UBS lifted its rating on the auto parts supplier to "buy" from "neutral", citing accelerating earnings recovery along with production growth at key client Nissan Motor.
Calsonic on Wednesday raised its operating profit forecast by 33 percent to 20 billion yen for the full year to March 31, above an average estimate of 16.9 billion yen thanks to a recovery in the auto market and cost-cutting efforts.
Shares in Toyota climbed 2.6 percent to 3,765 yen in a second day of gains after the company raised its full-year profit outlook on Tuesday and after a US safety probe found no problems with its cars' electronics.
Sun Frontier Fudousan plunged 8.1 percent to 12,500 yen after the real estate company cut its net profit forecast by half to 350 million yen for the year ending in March, citing a slow-than-expected recovery in the office building market.
Showa Denko, a maker of chemicals and materials used in electronic devices, fell 3.1 percent to 186 yen after it said it expects operating profit to rise 16 percent to 45 billion yen this year, below an average estimate of 47.2 billion yen.
Asahi Glass fell 2.8 percent to 1,067 yen after UBS Securities cut its rating to "neutral" from "buy", saying short-term positives are all out.
The company's October-December earnings showed a 25 percent rise in operating profit to 59.4 billion yen ($721 million) from a year earlier, in line with market expectations. It also released an outlook for the year to December, with its operating forecast of 220 billion in line with the consensus.
Shares of Nissan Motor fell 2.2 percent to 873 yen even after Japan's No. 2 automaker raised its annual forecasts the previous day, as some analysts were disappointed by its pace of growth in China and other emerging markets in the latest quarter.
"When we look at the third quarter alone, sales and profit growth in China and other emerging markets were a bit slower (than anticipated)," said Yoshihiko Tabei, chief analyst at Kazaka Securities.
"Also, the company could have done better in giving more details about the outlook, such as the product mix and breakdown by regions," he said.
For the year to March 31, Nissan, owned 43 percent by France's Renault SA, raised its operating profit forecast to 535 billion yen ($6.50 billion) from 485 billion yen.
Kyowa Hakko Kirin fell 2.6 percent to 852 yen after Credit Suisse cut its rating on the pharmaceuticals company to "neutral" from "outperform", saying its share price faces resistance after the brokerage changed its valuation method to price-to-earnings from price-to-book.
Sumitomo Rubber Industries rose 2.1 percent to 883 yen after the tyre maker said it now expects to report a net profit of 21 billion yen ($255 million) for 2010, up 50 percent from the previous forecast, thanks to strong sales of winter-weather tyres. It also raised its full-year dividend payment forecast to 20 yen per share, up from 16 yen in the earlier estimate.