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Japan Hot Stocks-Takashimaya, H2O, Aichi Machine, Banks
TOKYO, Oct 10 - The benchmark Nikkei average <.N225> fell 7.6 percent and the broader TOPIX <.TOPX> lost 5.8 percent as of 0551 GMT on Friday.
The following stocks were on the move: **TAKASHIMAYA <8233.T> UP AFTER REPORT OF H2O <8242.T> TIE**
Takashimaya erased earlier losses and gained 2.3 percent to 757 yen after a newspaper report of a capital tie-up with peer department store operator H2O Retailing Corp.
The two companies will hold stakes of about 10 percent in each other, the Nikkei business daily said.
H2O shares were down 4.6 percent at 500 yen, up from their midday close of 493 yen.
Takashimaya and H2O will hold a joint news conference at 3:00 p.m. . 0550 GMT **AICHI MACHINE INDUSTRY <7263.T> UP ON ROBUST EARNINGS**
Aichi Machine Industry Co Ltd rose 7.1 percent to 167 yen, bucking the broad sell-off, after the medium-sized auto parts maker said its profit in April-September has likely surpassed its previous forecast. Aichi now expects its operating profit to have totalled 4.1 billion yen in the six months, compared with its prior estimate of a 2.3 billion yen profit, thanks to increasing sales of small engines to Nissan Motor Co Ltd <7201.T>. 0145 GMT **BANKS SOLD ON WORRIES OVER WIDENING FINANCIAL CRISIS**
Shares of Mitsubishi UFJ Financial Group <8306.T> tumbled 7.7 percent to 716 yen, as investors sold Japanese banks after worries over fallout from the financial crisis triggered a further slide in U.S. lenders.
Mizuho Financial Group <8411.T> lost 9.1 percent to 340,000 yen while Sumitomo Mitsui Financial Group <8316.T> slipped 9.5 percent to 544,000 yen. 0129 GMT **NEW CITY RESIDENCE <8965.T> SOLD ON FAILURE, OTHER REITS HIT*
Shares of New City Residence Investment were untraded due to a glut of sell orders at 61,000 yen, down 14 percent from Thursday's close, after it said it had filed for court protection from creditors with $1.1 billion in debt, the first Japanese real estate investment trust to fail as fallout from the credit crunch spreads. [ID:nT137740]
New City Residence, which owns apartment buildings in Ginza, Harajuku and other upmarket Tokyo neighbourhoods, said in a statement that it was having difficulty raising money to repay its debts and finance the purchase of new assets to sustain growth.
The failure triggered selling of other REITs. The Tokyo REIT index <.TREIT> was down 14.3 percent. 0129 GMT (For IPO news, data and diary, click <JP/IPOMENU>, for stocks click [.T])
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