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Tokyo Stocks Edge Higher at Midday

June 25, 2003

TOKYO (AP) _ Tokyo’s benchmark stock index inched upward in Wednesday morning trading. The dollar was lower against the yen.

The Nikkei Stock Average of 225 selected issues finished the morning session up 14.32 points, or 0.16 percent, at 8,933.58. The Nikkei fell 217.88 points, or 2.38 percent, on Tuesday.

The dollar was trading at 117.68 yen at 11 a.m. Wednesday, down 0.07 yen from 117.75 yen late Tuesday and below the 117.89 yen it bought later in New York.

On the stock market, stocks opened lower as investors took a wait-and-see attitude ahead of a decision by the U.S. Federal Reserve later Wednesday on interest rates.

Tokyo gradually nudged upward throughout the morning. But markets watchers were divided over the whether the Federal Open Market Committee, which began a two-day meeting Tuesday, will cut its funds rate one-half or one-quarter of a percentage point to counter deflation in the world’s largest economy.

Tokyo blue chips were mixed in the morning with automakers Nissan, Toyota and Mitsubishi posting gains against a decline at Honda. Sony was also down, with electronics rivals Toshiba and NEC among the advancers.

The Bank of Japan board also opened a meeting Wednesday, but was widely expected to hold monetary policy steady.

The broader Tokyo Stock Price Index was up 3.56 points, or 0.4 percent, at 886.39 at the end of morning trading. On Tuesday, the Topix fell 21.49 points, or 2.38 percent.

The euro bought $1.1508 down from $1.1556 late Tuesday in Tokyo. Against the yen, the euro bought 135.42, down from 136.10.

The yield on Japan’s benchmark 10-year government bond rose to 0.6450 percent, up from 0.6350 percent late Tuesday. Its price fell 0.09 to 98.64.


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Japan’s Tokyo Stock Exchange: http://www.tse.or.jp

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