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Tokyo Stocks Up in Early Trading

December 28, 1998

TOKYO (AP) _ The dollar was higher against the yen in thin, end-of-year trading early Monday. Japanese stocks advanced moderately.

The dollar bought 116.35 yen in early trading, up 0.22 yen from late Friday in Tokyo. Financial markets in New York and London were closed Friday for the Christmas holiday.

The benchmark 225-issue Nikkei Stock Average rose 64.37 points, or 0.47 points, to 13,862.32 points in the first 30 minutes of trading. On Friday, the average closed up 91.22 points, or 0.67 percent.

In currency dealings, traders said the dollar’s movement was limited in Tokyo as many overseas markets remain closed for the year end holiday period or open with reduced staff.

On the stock market, share prices opened higher on buying of blue chips amid the yen’s weakening against the dollar.

A weaker yen makes Japanese exports less costly in the United States and U.S. goods more expensive in Japan.

Trading, however, remained extremely thin as many participants were staying out of the market at the end of the year.

``There aren’t many participants today, and a notable lack of foreign activity,″ said Sachio Ishikawa, general manager of the stock division at Chuo Securities.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 4.73 points, or 0.44 percent, to 1,087.69. The TOPIX closed up 8.78 points, or 0.82 percent, on Friday.

The yield on the benchmark No. 203 10-year Japanese government bond stood at 1.750 percent, unchanged from Friday’s finish. Its price remained at 100.40 yen.

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