BUSINESS INFORMATION - Japanese stock prices opened lower on Wednesday

BUSINESS INFORMATION - Japanese stock prices opened lower on Wednesday, with the benchmark index Nikkei-225 fell 41.51 points, or 0.40 percent, to 10,295.33 in the first few minutes of trade, following a weaker Wall Street, dealers said.

Shares on Wall Street, the United States declined last night, after weak data from the housing sector, overshadowing the company's revenue cycle stronger than expected, encouraging traders to lock some profits.

Dow Jones Industrial Average fell 50.71 points (0.84 percent) to 10,041.48 after reaching a new high this year on Monday.

The Nasdaq composite index slumped 12.85 points (0.59 percent) to 2163.47 and the broad market index Standard & Poor `s 500 dropped 6.85 points (0.62 percent) to 1091.06.

Data issued by the government before the trade show continued weakening in the housing sector, though the companies reported better profits than expected.

Ministry of Trade said that the initial construction of privately owned homes rose 0.5 percent to 590,000, lower than the 610,000 expected by private economists.

Permission to build a new house, a main indicator of the sector, fell 1.2 percent to 573,000, also lower than the expected 595,000 licenses.

New housing data raised "some concerns economic recovery may not be sustainable without government support," said analysts at Charles Schwab & Co. in a note to clients.