Tokyo stocks flat by noon

AFP FILE PHOTO

TOKYO–Tokyo shares were mostly flat on Friday morning, weighed down by sharp falls in mobile carrier Softbank and clothing company Fast Retailing.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange edged up 0.18 points to 8,546.96 by the break, while the Topix index of all first-section issues was up 0.71 percent or 5.09 points at 719.04.

Shares in Softbank plunged 16 percent after a report that the mobile company is eyeing a monster $25 billion buy-in to the US telecom market, in what could become one of Japan Inc.’s biggest-ever overseas acquisitions.

Softbank was at 2,420 yen at the break, down 16.00 percent from Thursday, after the economic daily Nikkei reported that it was in takeover talks with the third US wireless carrier Sprint Nextel, with plans to also purchase smaller MetroPCS Communications through Sprint.

The Nikkei said total costs would likely exceed 2 trillion yen ($25 billion).

Fast Retailing, the operator of Uniqlo clothing stores, fell 10.10 percent to 16,010 yen after its earnings report fell short of expectations.