Leading Japanese retailer Fast Retailing Co, owner of the famous Uniqlo casual-clothing store chain, on Thursday revealed plans to stop its sliding share price by buying back another 12 billion yen ($89.17 million) worth of its own shares.

The buy back follows a sharp plunge in its share value which has fallen around 47 per cent in recent weeks amid tumbling sales and a downward earnings forecast sparked by weak December sales.

The company's stock is now 82 per cent below its peak of 32,200 yen - adjusted for a share split - in November 2000 after an amazing 4,000 per cent surge over two years thanks to its hit Uniqlo label.

"We did our first buy back on January 8 in the belief that the share price then was below the fundamental value of our company," a company spokesman said today.

"Since then, our shares have lost almost 50 per cent...we have decided to do another one as we still have rich cash reserves at hand."