Tokyo Stocks Slip
TOKYO (AP) _ Tokyo stocks fell moderately Tuesday morning in light trading as investors await the outcome of a U.S. Federal Reserve meeting on interest rates. The U.S. dollar was lower against the yen.
The benchmark 225-issue Nikkei Stock Average dropped 58.96 points, or 0.43 percent, to 13,786.32 at the end of morning trading. On Monday, the average closed up 149.22 points, or 1.09 percent.
The dollar bought 116.60 yen in late morning, down 0.29 yen from late Monday in Tokyo and also below its late New York level of 116.74 yen overnight.
On the stock market, the Nikkei index initially was slightly higher following an overnight advance on Wall Street but soon moved into negative territory in the absence of major market-moving news.
Traders are waiting for a decision by the U.S. Federal Reserve at its two-day meeting ending Wednesday about whether to lower interest rates to bolster the nation’s economy.
In New York, the Dow Jones industrial average gained 42.21 points to 10,702.19 at Monday’s close. The Nasdaq composite index closed at 2,838.34, up 57.04.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 1.81 points, or 0.14 percent, to 1,296.42 points. The TOPIX closed up 3.79 points, or 1.00 percent, the day before.
In currency dealings, the dollar stayed in a narrow range as many traders await the Fed’s decision on interest rates.
In other currencies, the euro was traded at 106.94 yen, down from 108.22 yen late Monday in Tokyo.
The yield on the benchmark 10-year Japanese government bond rose to 1.4650 percent from Monday’s finish of 1.4400 percent. Its price fell 0.22 point to 101.19.
On the Net:
Tokyo Stock Exchange: http://www.tse.or.jp