Dollar Steady, Stocks Inch Higher
TOKYO (AP) _ The U.S. dollar was steady against the Japanese yen late Thursday morning and share prices rose slightly on the Tokyo Stock Exchange.
The 225-share Nikkei Stock Average gained 47.98 points, or 0.13 percent, to end the morning session at 37,236.93. The index had fallen 26.72 points on Wednesday.
The dollar was changing hands at 144.40 yen at late morning, unchanged from Wednesday’s close and off slightly from its opening level of 144.45 yen. The dollar traded in a narrow range between 144.35 yen and 144.50 yen during the morning.
″Following the dollar’s surge yesterday, trading was very quiet here today, and the dollar-yen rate hardly moved,″ said Junko Namba, a trader with Daiwa Bank.
However, participants actively bought the West German mark against the yen, she said.
Ms. Namba said trading was light because dealers were waiting for the release of U.S. unemployment figures on Friday.
On the stock exchange, the Nikkei rebounded quickly in response to a big gain of 47 points in the Dow Jones industrial average on Wall Street overnight and the yen’s stability against the dollar.
″Prices were higher almost across the board as soon as the market opened, but the trend didn’t last long, because market players soon stepped off to the sidelines and stopped buying,″ said Kazuyuki Suzuki, a trader with Daiwa Securities Co.
″The majority of market players were still not in a mood to buy,″ he added.