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Tokyo Stocks Rise in Early Trading

May 12, 1999

TOKYO (AP) _ Japanese stocks rose early Wednesday following an advance on Wall Street. The dollar was slightly higher against the yen.

The Nikkei Stock Average climbed 146.47 points, or 0.87 percent, to 16,889.65 in the first 30 minutes of trading. On Tuesday, the average closed down 233.83 points, or 1.38 percent.

The dollar bought 120.92 yen, up 0.04 yen from late Tuesday in Tokyo but below its level of 129.97 yen in New York.

On the stock market, share prices bounced back following Tuesday’s gains in New York, where the Dow Jones industrial average ended up 18.90 at 11,026.15.

Traders said, however, that the Tokyo market’s upside will be limited because of an investor sense that additional measures to boost the Japanese economy are not likely from the government any time soon.

Also, some investors remained on the sidelines to await earnings results from Japanese companies due to be released in coming weeks.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 6.49 points, or 0.48 percent, to 1,362.31. The TOPIX closed down 18.04 points, or 1.31 percent, the day before.

In currency trading, the dollar gained some ground on buying from overseas funds and Japanese institutional investors, despite selling from Japanese exporters.

The euro remained under pressure due to continued unrest in Kosovo. It was quoted at 129.48 yen in early trading, down from 130.90 yen late Tuesday in Tokyo.

The yield on the 10-year Japanese government bond rose to 1.365 percent from Tuesday’s finish of 1.355 percent, driving its price down to 103.85 yen from 103.95 yen.

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