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Tokyo Stocks Climb

June 29, 2001

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TOKYO (AP) _ Tokyo stocks rose Friday morning, buoyed by an advance on Wall Street. The dollar was lower against the yen.

The benchmark 225-issue Nikkei Stock Average climbed 268.42 points, or 2.12 percent, to 12,948.30 at the end of morning trading. On Thursday, the average closed down 149.10 points, or 1.16 percent.

The dollar bought 124.12 yen in late morning, down 0.42 yen from late Thursday in Tokyo and below its late New York level of 124.70 yen.

On the stock market, the Nikkei rebounded from Thursday’s losses as the market was bolstered by gains in U.S. stocks. Buying of major technology issues and auto stocks led the morning rally.

In New York, the Dow Jones industrial average rose 131.37 to 10,566.21 at Thursday’s finish. The Nasdaq composite index finished at 2,125.46, up 50.72.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 19.62 points, or 1.53 percent, to 1,298.37 Friday morning. The TOPIX closed down 9.62 points, or 0.75 percent, the day before.

In currency dealings, the dollar initially strengthened against the yen after Japan announced that the nation’s unemployment rate worsened, but the currency later slipped on mild dollar-selling by Japanese exporters.

The Ministry of Public Management, Home Affairs, Posts and Telecommunications, said Japan’s jobless rate in May edged up to 4.9 percent, matching the record high last hit early this year.

Japan, the world’s second largest economy, is still stuck in a decade-long economic slowdown, its most stubborn and protracted since the end of World War II.

In other currencies, the euro was traded at 104.84 yen, down from 106.74 yen late Thursday in Tokyo.

The yield on the benchmark 10-year Japanese government bond rose to 1.1650 percent from Thursday’s finish of 1.1300 percent. Its price fell 0.31 point to 100.31.

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On the Net:

Tokyo Stock Exchange: http://www.tse.or.jp

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