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Japan Stocks Rise

January 28, 2000

TOKYO (AP) _ The dollar was lower against the yen Friday morning as traders eyed a tumble by the euro. Japanese stocks rose.

The dollar was quoted at 105.03 yen at late morning, down 0.61 yen from 105.64 yen late Thursday in Tokyo and slightly below 105.09 yen late in New York trading.

The benchmark 225-issue Nikkei Stock Average finished the morning session up 121.30 points, or 0.63 percent, at 19,331.02. On Thursday the average rose 98.53 points, or 0.52 percent.

In currency trading, the dollar retreated against the yen as dealers anticipated the reaction of Asian markets to the euro’s fall overseas Thursday.

Heavy selling of euros for dollars by U.S. hedge funds pushed the European currency to an all-time low of 98.69 cents during the course of New York trading Thursday, though it gained back some ground later.

Friday morning in Tokyo, the euro was quoted at 103.72 yen, down from 105.84 yen the day before.

On the stock market, the Nikkei extended gains as individual buyers bet that new investment funds were set to pump money into shares in technology companies and other growth industries.

Softbank Corp., NTT Mobile Communications Network Inc. and Matsushita Communication Industrial Co. paced gains.

Still, a wait-and-see attitude dominated amid concern that a U.S. interest-rate rise expected to be announced next week may be only the first of several this year.

The broader Tokyo Stock Price Index of all first-section companies ended the morning session up 19.54 points, or 1.16 percent, at 1,705.44. The TOPIX rose 21.81 points, or 1.31 percent, to 1,685.90 Thursday.

The yield on the benchmark 10-year Japanese government bond rose to 1.6750 percent from Thursday’s finish of 1.6350. Its price fell 0.22 point to 100.21.

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