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Tokyo Stocks Down in Early Trading

September 8, 1999

TOKYO (AP) _ The dollar slipped against the yen early Wednesday in light trading as dealers await the release of key economic data. Japanese share prices fell slightly.

The dollar bought 110.78 yen, down 0.02 yen from late Tuesday in Tokyo and also below its late New York level of 110.81 yen.

The benchmark 225-issue Nikkei Stock Average shed 36.68 points, or 0.21 percent, to 17,670.82 in the first 30 minutes of trading. On Tuesday, the average closed down 40.01 points, or 0.28 percent.

In currency dealings, traders said the dollar was expected to remain in a narrow range during the Asian session ahead of the release of Japan’s April-June gross domestic product data, due out Thursday.

``Following the dollar’s bullish moves Tuesday, many will take the dollar-long positions,″ said Takeo Okabe, a senior foreign exchange trader at Daiwa Bank.

In other currencies, the euro was traded at 117.84 yen, up from 116.82 yen late Tuesday in Tokyo.

On the stock market, prices started slightly lower after the release of a corporate spending survey Tuesday indicating that Japan’s economy may have grown more slowly in the second quarter.

Capital spending dropped 13.4 percent in the April-June quarter, more than the 10-percent decline economists in Tokyo had estimated.

Some investors turned bearish after a decline on Wall Street. In New York on Tuesday, the Dow Jones industrial average was down 44.32 points, or 0.4 percent, at 11,034.13.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 4.34 points, or 0.29 percent, to 1,500.28 points. The TOPIX closed down 7.46 points, or 0.49 percent, the day before.

The yield on the benchmark 10-year Japanese government bond rose to 1.8200 percent from Tuesday’s finish of 1.8150 percent, driving its price down to 100.67 yen from 100.71 yen.

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