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Tokyo Stocks Up in Early Trading

December 1, 1998

TOKYO (AP) _ The dollar fell against the yen early Tuesday following a decline on Wall Street. Japanese stock prices were mixed.

The dollar bought 122.76 yen in early trading, down 1.06 yen from late Monday in Tokyo and also below its level of 123.26 yen in New York.

The Nikkei Stock Average gained 1.35 points, or 0.009 percent, to 14,885.05 points in the first 30 minutes of trading. On Monday, the Nikkei closed down 185.69 points, or 1.23 percent.

In currency dealings, the fall in U.S. share prices helped push the dollar lower. The Dow Jones industrial average closed at 9,116.55 on Monday, down 216.53 points, or 2.3 percent.

Much of the Dow’s plunge was based on profit-taking since the stock market rebound started less than two months ago.

On the Tokyo Stock Exchange, market sentiments remained bearish because of the fall on Wall Street as well as Japanese news reports that Tokyo-based JDC Corp., a medium-sized general contractor, was seeking court protection from creditors.

The Tokyo Stock Price Index of all issues listed on the first section was down 2.92 points, or 0.26 percent, to 1,140.50 points. The TOPIX closed down 14.85 points, or 1.28 percent, the day before.

The yield on the 10-year Japanese government bond stood at 1.090 percent early Tuesday, up from 1.040 percent on Monday. Its price fell to 106.13 yen from 106.59 yen.

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