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Stock Prices Decline, Dollar Edges Higher

November 22, 1991

TOKYO (AP) _ Share prices on the Tokyo Stock Exchange declined in morning trading Friday, while the dollar edged higher against the Japanese yen.

The 225-issue Nikkei Stock Average fell 142.01 points, or 0.61 percent, closing the morning session at 23,035.83 points. On Thursday, the Nikkei fell for the seventh day in a row, dipping 22.02 points to close at 23,177.84.

The Tokyo Stock Price Index of all issues listed on the first section stood at 1,758.77 points, down 4.76 points, or 0.27 percent. The TOPIX slipped 0.74 points Thursday.

By late morning, the dollar was changing hands at 129.68 yen, up 0.13 yen from Thursday’s close. It opened at 129.60 yen in Tokyo, unchanged from its overnight finish in New York.

The benchmark No. 129 10-year Japanese government bonds inched down to 102.81 points around midday from Thursday’s 102.84-point finish. Their yield rose to 5.895 percent from 5.890 percent.

Masahiko Nozaki, an analyst with Wako Securities, said the Nikkei average started slightly higher, but it turned weak on index-linked selling.

Nozaki said the average slipped after comments by Bank of Japan Governor Yasushi Mieno that Japan’s stock market has not completely hit bottom.

″Tokyo investors also are still having anxiety about Wall Street’s direction since last Friday’s 120-point plunge,″ Nozaki said.

In currency trading, the dollar remained virtually unchanged against the Japanese yen due to a lack of fresh factors.

Market players said both the yen and the dollar were kept stable by the German Bundesbank’s expected decision not to raise interest rates.

Since interest rates are already higher in Germany than in the U.S. and Japan, a further hike by the Bundesbank could have hurt the dollar and yen by making German mark-denominated securities more attractive to investors.

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