Tokyo Stocks Rise
TOKYO (AP) _ Tokyo stocks rose moderately Monday morning, following the release of a government report showing sustained _ albeit scant _ economic recovery in Japan. The U.S. dollar edged higher against the yen.
The benchmark 225-issue Nikkei Stock Average gained 107.97 points, or 0.73 percent, to 14,943.30 points at the end of the morning session. On Friday, the average closed up 186.82 points, or 0.97 percent.
The dollar bought 111.04 yen in late morning, up 0.35 yen from late Friday in Tokyo but below its late New York level of 111.44 yen on Friday.
On the stock market, the Nikkei average climbed some 230 points early in the session after the Economic Planning Agency released a report showing that Japan’s economy grew 0.2 percent in the July-September period from the previous quarter. It was the third consecutive quarter of expansion.
But the Nikkei index erased some of its early gains after enthusiasm over the new data petered out, traders said.
Still, a 47.36-point gain in the Nasdaq on Friday helped support investor sentiment. The Nasdaq closed at 2,645.29.
Also in New York on Friday, the Dow Jones industrial average fell 40.95 points to close at 10,373.54.
The broader Tokyo Stock Price Index of all issues listed on the first section was up 1.26 points, or 0.09 percent, to 1,382.70. The TOPIX closed up 18.80 points, or 1.38 percent, on Friday.
In currency dealings, the dollar largely carried over its strength in Friday’s New York trading, although gains were limited by profit-taking in Tokyo in reaction to its recent strength against the yen.
In other currencies, the euro traded at 97.43 yen, up from 96.68 yen late Friday in Tokyo.
The yield on the benchmark 10-year Japanese government bond rose to 1.6400 percent from Friday’s finish of 1.6300 percent. Its price fell 0.09 point to 101.37.
On the Net:
Japan’s Tokyo Stock Exchange: http://www.tse.or.jp