Tokyo Stocks End Sharply Higher
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TOKYO (AP) _ Hopes that the government will soon reveal its economic reform plans helped Tokyo stocks rebound Tuesday from falls that had left them at a 16-year low. The dollar was higher against the yen.
The benchmark 225-issue Nikkei Stock Average advanced 281.50 points, or 2.43 percent, to end the day’s trading at 11,860.77. On Monday, the index fell 218.81 points, or 1.85 percent, to 11,579.27. Monday’s finish was the Nikkei’s lowest since Jan. 7, 1985, when it ended at 11,575.52.
The dollar traded at 124.78 yen at 5 p.m. (4 a.m. EDT), up 0.12 yen from late Monday in Tokyo but below its level of 125.11 yen late Monday in New York.
On the stock market, prices rose on expectations that Prime Minister Junichiro Koizumi will announce details of economic restructuring measures within a month or so, traders said.
The broader Tokyo Stock Price Index of all issues listed on the first section rose 21.80 points, or 1.87 percent, to 1,190.31. The TOPIX fell 15.72 points, or 1.33 percent, the previous day.
In New York, the Dow Jones industrial average fell 31.28 to 10,385.39. The tech-heavy Nasdaq composite fell 11.23 to 2,017.84.
Volume on the Tokyo Stock Exchange’s First Section was estimated at 573.96 million shares, up from 478.44 million shares Monday.
Advancers outnumbered decliners 1004 to 331, while 120 issues ended unchanged.
In currency dealings, the dollar drifted down from late New York levels following the rebound in Tokyo stocks.
The greenback ranged between 124.70 yen and 125.25 yen in Tuesday’s trading.
The euro was traded at 109.26 yen Tuesday afternoon, up from 108.88 yen late Monday in Tokyo.
The yield on the benchmark 10-year Japanese government bond rose to 1.3300 percent Tuesday from Monday’s close of 1.3250 percent. Its price fell 0.05 to 100.60.