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Tokyo Stocks Lose 89 Points

February 22, 2002

TOKYO (AP) _ Tokyo stocks fell Friday morning as investors cashed in gains from a rally the previous day. The dollar was higher against the yen.

The benchmark 225-issue Nikkei Stock Average lost 89.48 points, or 0.87 percent, to 10,205.94 at the end of morning trading. On Thursday, the average closed up 461.29 points, or 4.69 percent.

The dollar bought 134.08 yen in late morning trading, up 0.32 yen from late Thursday in Tokyo but below its late New York level of 134.20 yen.

On the stock market, investors locked in profits after the blue chip Nikkei index posted sharp gains on Thursday. An overnight slide on Wall Street also dampened sentiment in Tokyo.

Thursday’s rally was fueled by hopes that the government will tackle bad debts weighing on Japanese banks in a package of anti-deflationary measures to be released next week.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 8.54 points, or 0.86 percent, to 980.35 Friday morning. The TOPIX closed up 31.98 points, or 3.34 percent, the day before.

In currency dealings, the dollar held on its overnight strength on Thursday amid renewed grim outlook over Japan’s economy.

On Thursday, Eisuke Sakakibara, a former Finance Ministry official known for his outspoken management of the Japanese currency, said that Japan was slumping through a ``very serious crisis″ that could send the U.S. currency as high as 160 yen by the end of the year.

In other currencies, the euro was traded at 116.72 yen, up from 116.22 yen late Thursday in Tokyo.

The yield on the benchmark 10-year Japanese government bond fell to 1.5050 percent from Thursday’s finish of 1.5150 percent. Its price rose 0.09 point to 99.95.


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