Tokyo Stocks Close Up
TOKYO (AP) _ The dollar fell against the yen Monday on a central bank survey showing further optimism about Japan’s economy. The news also sent Tokyo share prices moderately higher.
The dollar was trading at 105.84 yen on the Tokyo foreign exchange market on Monday, down 0.10 yen from late Friday.
The benchmark 225-issue Nikkei Stock Average closed up 51.15 points, or 0.29 percent, to 17,763.71. On Friday, the index climbed 107.10 points, or 0.61 percent.
In currency trading, the dollar fell against the yen after Japan’s central bank said Monday that business confidence at major manufacturing companies improved sharply during the past three months.
In its closely-watched quarterly ``tankan″ survey, the Bank of Japan said sentiment among large manufacturers had brightened over the last survey to a figure of minus 22 from minus 37, its biggest improvement since November 1987.
The tankan measures the percentage of firms seeing business conditions improve minus the percentage seeing conditions worsen. The bank surveyed 9,275 companies for the latest report.
In other currencies, the euro bought 113.40 yen Monday, down 0.04 yen from its level late Friday.
In stock trading, Tokyo share prices moved higher, but gains were subdued as the market continued to worry about the strong yen’s possible damage to the economy.
``It seems the currency is the primary concern, not the economy,″ said Robert Sasaki, head of the quantitative strategy group at Jardine Fleming Securities.
A stronger yen hurts Japanese exporters by making their products more expensive overseas and thus less competitive. Gains by the yen also reduce the value of foreign revenue in Japan.
The broader Tokyo Stock Price Index of all issues listed on the first section closed up 0.90 points, or 0.06 percent, to 1,515.98. The TOPIX closed up 8.25 points, or 0.55 percent, on Friday.
On Friday on Wall Street, the Dow Jones industrial average closed at 10,273.00 points, down 63.95.
The yield on the benchmark 10-year Japanese government bond fell to 1.6000 percent from Friday’s finish of 1.6750 percent. Its price rose 0.66 points to 100.87.