TOKYO, Oct 11 (Reuters) - The Nikkei average fell0.4 percent and the broader Topix eased 0.2 percent onThursday morning.
The following stock was on the move:
**TORAY INDUSTRIES FALLS AFTER NOMURA DOWNGRADE**
Toray Industries Inc slipped 0.9 percent to 425 yen afterNomura Securities downgraded the synthetic fibre maker to'neutral' from 'buy', saying demand for the company's productswas unlikely to recover in the near term because of the delay ineconomic recovery in Asia.
The brokerage also cut its price target to 450 yen from 630and lowered its operating profit forecast by 12 percent to 95billion yen.
**TOKAI RIKA HITS 3-YEAR LOW AFTER TOYOTA RECALL**
Tokai Rika Co Ltd, a car parts maker, slumped 9.3 percent to908 yen, hitting a three-year low, after Toyota Motor Corp
said it would recall more than 7.4 million vehiclesworldwide for faulty power window switches, traderssaid.
Toyota lost 2 percent to 2,884 yen, slightly underperforminga 1.8 percent fall in rival Nissan Motor Co .
**SHIN-ETSU CHEMICAL GAINS AFTER NOMURA UPGRADE**
Shin-Etsu Chemical Co Ltd gained 1.4 percent to 4,375 yenafter Nomura Securities upgraded its rating on the company to'buy' from 'neutral', citing growth in demand for PVC in theUnited States.
The brokerage lifted its price target to 5,300 yen from4,600 yen.
"U.S. indicators published at the beginning of October,including the ISM indices and employment statistics point to agreater likelihood that the U.S. economy and housing sales inparticular will remain strong," Nomura said in a note.
"In response, we have raised our estimates for PVC demand inNorth America through 14/3, and hence raised our earningsforecasts for Shin-Etsu Chemical."
Nomura raised its operating profit forecast for Shin-Etsu by3.5 percent to 179.5 billion yen for the business year endingMarch 2014.
(Reporting by Dominic Lau; Editing by Chris Gallagher andPrateek Chatterjee)
Keywords: MARKETS JAPAN STOCKS HOT/