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Dollar Inches Down Againt Japanese Yen

September 8, 1988

TOKYO (AP) _ The dollar inched down against the Japanese yen, while share prices closed higher on the Tokyo Stock Exchange Thursday.

The dollar, which opened lower at 133.67 yen, moved in a range of 133.67-134.35 yen and closed at 134.20 yen, down 0.10 yen from Wednesday’s close.

The Nikkei Stock Average of 225 selected issues, a 183.50-point winner the previous day, earned another 236.10 points, or 0.86 percent, to close at 27,740.11 points.

″Investor concern over worldwide higher interest rates and inflation was wiped off because of sentiment that the U.S. economy is not expanding that much,″ said Manjiro Ueda of Nomura Securities, Japan’s largest securities firm.

″The yen has been regaining its strength and the trading is getting active again,″ he added.

In foreign exchange, the lower dollar widely was attributed to the currency’s sharp 1.55-yen decline overnight in the United States following an announcement from Bank of Japan governor Satoshi Sumita the previous day.

At a regular news conference Wednesday, Sumita said he saw no immediate need for the central bank to change its current economic policy but was willing to take swift action if the yen declines further.

Sumita’s remarks raised speculation by traders that monetary authorities might act to support the yen.

Update hourly