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Tokyo Stocks Rise, Dollar Higher

March 18, 2002

TOKYO (AP) _ Tokyo stocks advanced in early trading Monday, lifted by Wall Street’s rally on Friday. The dollar was higher against the yen.

The benchmark 225-issue Nikkei Stock Average rose 57.78 points, or 0.50 percent, to 11,705.79 in the first 30 minutes of trading. On Friday, the average closed up 79.19 points, or 0.68 percent.

The dollar bought 129.32 yen in early trading, up 0.26 yen from late Friday in Tokyo and also above its late New York level of 129.18 yen on Friday.

On the stock market, the Nikkei took a cue from Friday’s gains in New York.

Wall Street stocks finished higher on Friday following the release of an upbeat U.S. economic report from the Federal Reserve Board.

The Fed report showed a bigger-than-expected 0.4 percent increase in U.S. output at the country’s factories, mines and utilities in February. Manufacturing has been showing signs of a recovery, suggesting the recession may be ending.

In New York, the Dow Jones industrial average closed up 90.09, or 0.9 percent, to 10,607.23 at Friday’s finish. The Nasdaq composite index rose 14.16 to 1,868.3.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 8.44 points, or 0.77 percent, to 1,105.68 early Monday. The TOPIX closed up 13.36 points, or 1.2 percent, on Friday.

In currency dealings, the dollar held steady against the yen amid positive U.S. economic data.

In other currencies, the euro was traded at 114.06 yen, down from 114.56 yen late Friday in Tokyo.

The yield on the benchmark 10-year Japanese government bond rose to 1.4650 percent from Friday’s finish of 1.4550 percent. Its price fell 0.09 point to 100.30.

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On the Net:

Tokyo Stock Exchange: http://www.tse.or.jp

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