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Tokyo Stocks Advance Slightly

August 2, 2000

TOKYO (AP) _ Tokyo stocks advanced slightly Wednesday morning on buying of technology issues. The U.S. dollar was lower against the yen.

The benchmark 225-issue Nikkei Stock Average rose 47.73 points, or 0.30 percent, to 16,147.40 at the end of the morning session. On Tuesday, the average closed up 372.18 points, or 2.37 percent.

The dollar bought 108.61 yen in late morning, down 0.93 yen from late Tuesday in Tokyo but above its late New York level of 109.02 yen overnight.

On the stock market, prices were mixed early in the session but the market later strengthened on buying of high technology issues including Sony, Fanuc, and information technology-related stocks.

Overnight on Wall Street, the Dow Jones industrial average rose 84.97 points to 10,606.95 at Tuesday’s close. But the technology-heavy Nasdaq composite index fell 81.47 points to close at 3,685.52.

The broader Tokyo Stock Price Index of all issues listed on the first section gained 1.94 points, or 0.13 percent, to 1,481.78. The TOPIX closed up 26.69 points, or 1.84 percent, the day before.

In currency dealings, the dollar moved lower against the yen after some Japanese exporting companies bought yen and sold the greenback, traders said.

But trading remained light in the absence of major market-moving news, they said.

In other currencies, the euro was traded at 99.64 yen, down from 101.42 yen late Tuesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond fell to 1.6750 percent from Tuesday’s finish of 1.6800 percent. Its price rose to 0.04 point to 100.21.

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