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Tokyo Stocks Rise

March 30, 2000

TOKYO (AP) _ Tokyo stocks rose moderately Thursday morning, shrugging off declines in technology issues on Wall Street. The dollar slipped against the yen.

The benchmark 225-issue Nikkei Stock Average, which was down some 105 points early in the session, gained 101.76 to finish the morning session at 20,808.41. On Wednesday, the average closed up 332.31 points, or 1.63 percent.

The dollar bought 105.78 yen, down 0.24 yen from late Wednesday in Tokyo and also below its late New York level of 105.81 yen.

On the stock market, the Nikkei average started lower after the technology-rich Nasdaq composite index lost 189.22 to 4,644.67 at Wednesday’s close in New York.

Some investors also locked in profits early in the session after the Nikkei rose the past four straight sessions.

But the market’s main index later reversed course as investors bought major information-related issues in anticipation that Japan’s fiscal new year beginning April 1 will unleash buying by funds, traders said.

In currency dealings, the dollar carried over from similar weakness in New York where the greenback was hurt by a stronger-than-expected increase in Japanese industrial production for February.

The latest data, released Wednesday, suggested parts of Japan’s ailing economy may be moving toward recovery.

Traders said demand for yen also apparently grew as some European investors were moving to invest in Japanese stocks by selling the greenback or the euro.

In other currencies, the euro was traded at 100.70 yen, down from 101.64 yen late Wednesday in Tokyo.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 18.29 points, or 1.06 percent, to 1,751.13. The TOPIX closed up 52.08 points, or 3.1 percent, the day before.

The yield on the benchmark 10-year Japanese government bond fell to 1.8350 percent from Wednesday’s finish of 1.8500 percent. Its price rose 0.13 point to 100.55.

Update hourly