Tokyo Stocks Fall 36 Points
TOKYO (AP) _ Tokyo stocks slipped early Friday following a decline by technology shares on Wall Street. The dollar was lower against the yen.
The benchmark 225-issue Nikkei Stock Average declined 36.16 points, or 0.25 percent, to 14,612.35 in the first 30 minutes of trading. On Thursday the average closed up 140.87 points, or 0.97 percent.
The dollar bought 110.39 yen, down 0.67 yen from late Thursday in Tokyo and lower that its late New York level of 111.34 yen overnight.
On the stock market, the Nikkei index started lower after the tech-heavy Nasdaq composite index dropped 109.00 points to 2,597.93 at Thursday’s finish in New York.
That provoked follow-through selling in Tokyo of shares in electronics companies.
But traders said buying of some bank and auto stocks limited the Nikkei’s retreat.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 5.17 points, or 0.38 percent, to 1,357.49. The TOPIX closed up 13.58 points, or 1.01 percent, the day before.
In currency dealings, the dollar moved lower against the yen over concerns about the recent weakness of the U.S. stocks and mounting signs of a U.S. economic slowdown.
In New York trading Thursday, the Dow Jones industrial average lost 214.62 points to close at 10,414.49.
In other currencies, the euro was quoted at 96.36 yen, up from 95.90 yen late Thursday in Tokyo.
The yield on the benchmark 10-year Japanese government bond rose to 1.6200 percent from Thursday’s finish of 1.6150 percent. Its price fell 0.05 point to 101.54.
On the Net: Tokyo Stock Exchange: http://www.tse.or.jp