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Tokyo Stocks Rise in Early Trading

January 6, 1999

TOKYO (AP) _ The dollar edged higher against the yen early Wednesday on moderate buying following recent declines. Stocks in Tokyo rose slightly.

The dollar bought 112.11 yen in early trading, up 0.59 yen from late Tuesday in Tokyo and also higher than its level of 111.21 yen in New York.

The Nikkei Stock Average gained 44.07 points, or 0.33 percent, to 13,276.81 points in the first 30 minutes of trading. On Tuesday, the average closed down 183.15 points, or 1.37 percent.

In currency dealings, the dollar’s slight rebound came after Japanese interbank players bought dollars to cover short, or oversold positions.

The dollar plunged to 110.40 yen at one point in New York trading Tuesday _ its lowest level in 27 months.

The euro was traded at $1.1745 in early Tokyo trading, below $1.1777 late Tuesday in New York. The euro was at $1.1810 in Tokyo late Tuesday.

On the stock market, share prices moved into positive territory as investors bought selected issues following sharp losses Monday and Tuesday. The Nikkei average had shed about 600 points in the past two sessions.

Also supporting the Tokyo market was a rally on Wall Street, where the Dow Jones industrial average finished at 9,311.19 points Tuesday, up 126.92.

But trading in Tokyo remained slow as investors were holding back to watch the dollar’s movement against the yen, traders said.

The broader Tokyo Stock Price Index of all issues listed on the first section gained 1.05 points, or 0.10 percent, to 1,049.38 points. The TOPIX closed down 16.59 points, or 1.56 percent, the day before.

Meanwhile, the yield on the 10-year Japanese government bond was unquoted in early trading. At Tuesday’s close, the yield settled at 1.910 percent and its price stood at 99.11 yen.

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