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Tokyo Stocks Open Down

April 5, 2000

TOKYO (AP) _ Tokyo stocks fell early Wednesday amid increasing worries about wild swings on Wall Street and political uncertainty at home. The dollar was higher against the yen.

The benchmark 225-issue Nikkei Stock Average shed 209.47 points, or 1.02 percent, to 20,385.46 in the first 30 minutes of trading. On Tuesday, the average closed down 132.96 points, or 0.64 percent.

The dollar bought 105.12 yen, up 0.06 yen from late Tuesday in Tokyo and also above its late New York level of 104.66 yen.

On the stock market, Japanese high technology issues were among early losers Wednesday after another decline on in the tech-heavy Nasdaq composite index.

The Nasdaq plunged some 574 points but recovered to end Tuesday’s session down only 74.79 points at 4,148.89. The Dow Jones industrial average fell 57.09 points to 11,164.84 at Tuesday’s finish.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 30.50 points, or 1.78 percent, to 1,683.79. The TOPIX closed down 18.16 points, or 1.05 percent, the day before.

In currency dealings, the dollar remained slightly higher against the yen in a narrow range as many investors continued to watch Japan’s political developments.

On Tuesday, acting Prime Minister Mikio Aoki announced the Cabinet had resigned en masse because it was clear 62-year-old Prime Minister Keizo Obuchi would not be able to resume his duties.

Obuchi was taken to a Tokyo hospital early Sunday and remains in a coma after suffering a stroke.

Japanese media reports said Yoshiro Mori, secretary general of the Liberal Democratic Party, will be elected Japan’s new prime minister in Parliament on Wednesday afternoon.

In other currencies, the euro was traded at 101.03 yen, up from 100.46 yen late Tuesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond stood at 1.7800 percent, unchanged from Tuesday’s finish. Its price remained at 101.03.

Update hourly