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Tokyo Stocks Fall, Dollar Lower

May 30, 2002

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TOKYO (AP) _ Tokyo stocks retreated Thursday for a third straight session, with selling led by technology issues following a downturn on Wall Street. The U.S. dollar edged lower against the yen.

The benchmark 225-issue Nikkei Stock Average fell 82.97 points, or 0.70 percent, to close at 11,770.03. On Wednesday, the average closed down 83.03 points, or 0.70 percent.

The dollar bought 124.20 yen at 3 p.m. (0600 GMT), down 0.36 yen from late Wednesday and also below its late New York level of 124.34 yen overnight.

On the stock market, the Nikkei index was pulled lower by selling in technology issues Canon and Sony and mobile phone operator NTT DoCoMo.

Traders said the market’s mood was dampened by the Dow Jones industrial average’s third straight decline on Wednesday.

In New York, the Dow Jones industrial average lost 58.54 to 9,923.04 at Wednesday’s close, extended a three-session decline to 293.04, or 0.6 percent. The Nasdaq composite index closed at 1,624.39, down 27.78.

The broader Tokyo Stock Price Index of all issues listed on the first section closed down 4.45 points, or 0.40 percent, to 1,121.30 Thursday. The TOPIX closed down 5.39 points, or 0.48 percent, the day before.

In currency dealings, the dollar slightly weakened against the yen, after the decline in U.S. stocks. Market participants sold the dollar fearing that the market slide suggested a slowing U.S. recovery and a possible shift of money to investments in other countries, traders said.

The euro was traded at 116.18 yen, up from 115.61 yen late Wednesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond fell to 1.3900 percent from Wednesday’s finish of 1.4150 percent. Its price rose 0.22 point to 100.08.


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