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Tokyo Stocks Edge Lower

July 4, 2001

TOKYO (AP) _ Tokyo stocks edged lower in early trading Wednesday following a slight retreat on Wall Street overnight. The dollar was higher against the yen.

The benchmark 225-issue Nikkei Stock Average shed 15.95 points, or 0.12 percent, to 12,801.46 at the start of trading. On Tuesday, the average rose 66.23 points, or 0.52 percent.

The dollar bought 124.42 yen in early trading, up 0.54 yen from late Tuesday in Tokyo and also above its late New York level of 124.34 yen overnight.

On the stock market, the Nikkei index moved lower, as investors were discouraged by overnight declines on Wall Street.

In New York, the Dow Jones industrial average lost 22.61 to 10,571.11 at Tuesday’s close. The Nasdaq composite index finished at 2,140.80, down 7.92.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 2.00 points, or 0.15 percent, to 1,291.42 early Wednesday. The TOPIX rose 6.50 points, or 0.51 percent, the day before.

In currency dealings, the yen remained under selling pressure amid a recent slew of bleak economic data in Japan.

On Monday, Japan’s central bank said its most recent quarterly survey showed business confidence among major Japanese manufacturers worsened for the second consecutive quarter.

In other currencies, the euro was traded at 105.45 yen, up from 105.02 yen late Tuesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond was unquoted in early trading. On Tuesday, it settled at 1.2850 percent and its price stood at 99.25.

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On the Net:

Tokyo Stock Exchange: http://www.tse.or.jp

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