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Stock Mixed, Dollar Higher

November 22, 1991

TOKYO (AP) _ The Tokyo Stock Exchange’s best-known index dipped today for the eighth consecutive session while a broader indicator rose. The dollar edged higher against the Japanese yen.

The 225-issue Nikkei Stock Average shed 60.45 points, or 0.26 percent, ending the week at 23,117.39. The average now has fallen a total of 1,467.87 points in eight days.

But the Tokyo Stock Price Index of all issues listed on the first section closed at 1,764.77 points, up 1.24 points, or 0.07 percent. It slipped 0.74 points on Thursday.

Volume on the first section was estimated at 240 million shares, down from Thursday’s 269 million shares. Declining issues outnumbered advancers 603 to 346, with 195 unchanged.

Stock traders said the Nikkei index initially bounced back in a positive reaction to an overnight 2.86-point gain in the Dow Jones industrial average.

But the Nikkei then headed lower on index-linked arbitrage selling, reflecting futures declines that fueled selling in general, traders said.

″I think the index was already coming to a bottom level, but the market definitely needs fresh factors that inspire buying interest,″ said Yuki Ishida, assistant manager with West LB Securities Pacific’s Tokyo office.

The index’s reversal in the morning came 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,″ said Masahiko Nozaki of Wako Securities.

The dollar closed at 129.65 yen, up 0.10 yen from Thursday’s close and also above its overnight finish of 129.60 yen in New York.

After opening at 129.60 yen, it ranged between 129.55 yen and 129.83 yen. Spot trading totaled $3.51 billion, up from Thursday’s $3.23 billion.

Kiyoshi Wakabayashi, manager of the foreign exchange division with Yamaichi Securities, said the dollar remained in a tight range, with trading focused on the German mark, a pattern unchanged for the past several days.

″There is concern about a slow recovery of the U.S. economy, putting the dollar under pressure,″ Wakabayashi said.

Benchmark No. 129 10-year Japanese government bonds closed at 102.72 points, down from Thursday’s 102.69-point finish. Their yield rose to 5.910 percent from 5.890 percent.

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