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Tokyo Stocks Close Sharply Higher

September 4, 2001

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TOKYO (AP) _ Tokyo’s main stock index rebounded sharply Tuesday, snapping a five-day losing streak that took the average to fresh 17-year lows. The dollar was steady against the yen.

The benchmark 225-issue Nikkei Stock Average jumped 362.91 points, or 3.49 percent, to finish at 10772.59. On Monday, the average shed 303.83 points, or 2.84 percent, closing at 10,409.68 _ its lowest-close since Aug. 14, 1984, when it ended 10,360.92.

The dollar bought 118.97 yen at 3 p.m. (2 a.m. EDT), above its level of 118.76 in late European trading. U.S. financial markets were closed Monday for a national holiday.

On the stock market, the Nikkei had a jittery session that saw the index fall on selling of technology stocks, then rally sharply in mid-afternoon.

Many investors, however, were on the sidelines, eager to see how U.S. stocks fare in their first trading day this week, traders said.

The broader Tokyo Stock Price Index of all issues listed on the first section climbed 28.40 points, or 2.65 percent, to 1100.13 points. The TOPIX closed down 31.94 points, or 2.89 percent, the day before.

In the currencies market, the dollar briefly firmed against the yen after Japan’s vice-finance minister for international affairs, Haruhiko Kuroda, said Tuesday that authorities would intervene to weaken the yen if it continued to strengthen.

The euro was traded at 106.91 yen, down from 107.96 yen late Monday in Tokyo.

The yield on the benchmark 10-year Japanese government bond fell to 1.3950 percent from Monday’s finish of 1.4050 percent. Its price rose 0.05 point to 100.00.

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