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Dollar And Stocks Close Lower In Japan

March 24, 1988

TOKYO (AP) _ The dollar slid further against the Japanese yen in Tokyo today, while stock prices also lost moderately.

After opening at 126.75, the dollar edged down and closed at 126.30 yen, down 0.85 yen from its close of 127.15 yen on Wednesday. It ranged between 126.15 and 126.81 yen.

Today’s fall followed a 1.28-yen plunge on Tuesday, although the dollar edged up 0.08 yen on Wednesday.

″The prevalent view is that the dollar will go down further,″ said Taeko Kobayashi of the Bank of Tokyo.

The decline in Tokyo today followed the dollar’s drop in New York the previous day, attributed to a prediction by Martin Feldstein, a former economic adviser to President Reagan, that the dollar could fall to 120 yen or lower over the next six months.

There was no news to affect the dollar during Tokyo’s trading today, however, Ms. Kobayashi said.

On the Tokyo Stock Exchange, the Nikkei Average of 225 selected issues, a 52.48-point gainer Wednesday, today lost 113.95 points, or 0.44 percent, closing at 25,781.28.

″Profit-taking buy orders for large-capital issues, such as steels and heavy electricals, brought the stock average down,″ said Yoshio Shimoyama of Nikko Securities.

The market, which had been driven by these major issues since the beginning of March, seemed to have taken a rest, with the trade volume declining to an estimated 800 million shares, he said.

Shimoyama said investors retreated to the sidelines to watch the market’s movements.

Major losers today were steels and shipbuilding issues. Some electrical, real estate and shipping issues also lost ground.

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