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Tokyo Stocks Slip in Early Trading

June 5, 2001

TOKYO (AP) _ Tokyo stocks slipped moderately in early trading Tuesday as Japan’s Economy minister voiced renewed pessimism over the nation’s economy. The dollar was lower against the yen.

The benchmark 225-issue Nikkei Stock Average shed 79.83 points, or 0.60 percent, to 13,232.52 at the start of trading. On Monday, the average closed up 50.51 points, or 0.38 percent.

The dollar bought 119.02 yen in early trading, down 0.32 yen from late Monday in Tokyo and below its late New York level of 119.26 yen.

The remarks early Tuesday by Economy Minister Heizo Takenaka reinforced investor concern that Japan’s nascent economic recovery has all but skidded to a halt.

``My view is unchanged. The economy is in a severe state,″ Takenaka said at a regular press conference.

Japan is struggling to pull out of its worst economic slowdown in decades.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 3.06 points, or 0.23 percent, to 1,311.11. The TOPIX closed up 4.08 points, or 0.31 percent, the day before.

In currency dealings, the greenback moved lower on mild dollar-selling by speculators amid a dearth of market-moving news.

In other currencies, the euro was traded at 100.60 yen, down from 101.82 yen late Monday in Tokyo.

The yield on the benchmark 10-year Japanese government bond was unquoted in early trading. On Monday, it settled at 1.2400 percent and its price stood at 100.53.

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On the Net:

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

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