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Dollar Moves Higher, Share Prices Down

May 28, 1991

TOKYO (AP) _ The dollar edged higher against the Japanese yen in thin trading today, while Tokyo share prices fell marginally for the third consecutive trading day.

The dollar closed at 138.35 yen, up 0.17 yen from Monday’s close of 138.18 yen.

After opening at 138.39 yen, it ranged between 138.27 yen and 138.46 yen. Spot trading totaled $2.88 billion, down from $3.93 billion Monday.

Currency dealers said there were no major movements in dollar trading as markets in New York and London were closed for holidays Monday, and Singapore’s was closed for a holiday today.

Yutaka Miyajima, a dealer with Mitsui Trust and Banking, said that from a short-term perspective, the dollar is moving up toward the 139-yen level.

The dollar’s slight gain against the yen today reflected its recovery against the German mark, which was sold mainly for technical reasons, other dealers said.

The Nikkei Stock Average of 225 selected issues fell 35.21 points, or 0.14 percent, closing at 25,390.67. The index has lost a total of 252.98 points in three days.

Volume on the market’s first section was estimated at 240 million shares, up from Monday’s 200 million shares.

The market’s main barometer was up 43.30 points at the end of the morning session on buying of oil-related issues following a report that Japanese, U.S. and Saudi Arabian firms would jointly set up an oil refinery, stock dealers said.

But the index fell back in the afternoon as many investors waited out the final trading in what will be treated as May transactions, dealers said.

Declining issues outnumbered advances 381 to 530, with 198 unchanged.

Kazuyuki Suzuki, an analyst with Daiwa Securities, said investors hunted in thin trading for shares of companies showing good performance. Most major Japanese companies are reporting their fiscal 1990 figures by the end of this month. In bond dealings, the price of the benchmark No. 129 10-year Japanese government bonds stood at 98.58 points at 5 p.m. local time, unchanged from Monday’s close. Their yield also remained unchanged at 6.655 percent.

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