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Tokyo Stocks Down in Early Trading

November 2, 1999

TOKYO (AP) _ Japanese stocks fell moderately early Tuesday after a decline on Wall Street overnight. The dollar was lower against the yen.

The benchmark 225-issue Nikkei Stock Average slipped 94.48 points, or 0.52 percent, to 17,902.44 in the first 30 minutes of trading. On Monday, the average closed up 54.84 points, or 0.31 percent.

The dollar was quoted at 104.16 yen in early trading, down from 104.21 yen late Monday in Tokyo, and below 104.19 yen late Monday in New York.

Stock market traders were expecting a quiet session in Tokyo ahead of a national holiday that will close Japanese financial markets Wednesday.

``Investors are not likely to take big positions today ahead of the market holiday in Japan Wednesday in case there is a big movement in U.S. markets Tuesday,″ said Garry Evans, a strategist for HSBC Securities.

On Monday in New York, the Dow Jones industrial average closed down 81.35 points, or 0.8 percent, at 10,648.51, as new data pointed to expansion in the U.S. economy, a signal that the Federal Reserve may raise interest rates at its next meeting.

The broader Tokyo Stock Price Index fell 1.26 points, or 0.08 percent, to 1,561.23. The index closed down 1.40 points, or 0.09 percent Monday.

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