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Tokyo Stocks Rise

April 8, 1999

TOKYO (AP) _ Japanese stocks rose moderately Thursday morning as the market was supported by more foreign buying. The dollar was higher against the yen.

The Nikkei Stock Average gained 78.47 points, or 0.47 percent, to 16,632.97 points at the end of the morning session. On Wednesday, the average closed up 74.79 points, or 0.45 percent.

The dollar bought 121.16 yen in late morning, up 0.38 yen from late Wednesday in Tokyo but below its level of 121.35 in New York.

On the stock market, share prices started lower on profit-taking following recent gains, but buying of steel and communications issues reversed the course.

Before Thursday’s session, the Nikkei index had gained a total of 264.31 points in the three previous trading days, mostly on buying from foreign investors.

Analysts said the market was also buoyed by a surge in New York, where the Dow Jones industrial average rose 121.82 points to close at 10,085.31.

That was the Dow’s third close above 10,000 points and eclipsed the previous high of 10,007.33 hit Monday.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 3.26 points, or 0.25 percent, to 1,327.90. The TOPIX closed up 2.03 points, or 0.15 percent, the day before.

In currency trading, the dollar was slightly higher on bids by Japanese trust banks and investment trust management firms, traders said.

They added, however, that the U.S. currency remained somewhat top-heavy on selling offers from Japanese exporters.

In other currencies, the euro was traded at 130.66 yen, up from 130.20 yen late Wednesday in Tokyo.

The yield on the 10-year Japanese government bond dropped to 1.640 percent from Wednesday’s finish of 1.685 percent, pushing its price up to 101.39 yen from 100.99 yen.

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