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Tokyo Market’s Main Index Slides

March 13, 2002

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TOKYO (AP) _ Tokyo’s main stock index slid Wednesday after investors selling major technology issues wiped out early gains. The U.S. dollar rose against the yen.

The benchmark 225-issue Nikkei Stock Average lost 192.02 points, or 1.65 percent, to close at 11,415.31. On Tuesday, the average lost 311.97 points, or 2.62 percent.

The dollar bought 129.34 yen at 3 p.m. (0600 GMT), up 0.78 yen from late Tuesday in Tokyo and also above its late New York level of 128.86 yen overnight.

On the stock market, the Nikkei index opened higher as investors bought bargain stocks overlooked in the market’s recent runup.

But by the afternoon, a sell-off in high-tech issues had knocked the index lower, and traders blamed the reversal on the tech-heavy Nasdaq composite index’s decline overnight.

In New York Tuesday, the Nasdaq finished at 1,897.12, down 32.37. The Dow Jones industrial average rose 21.11 points to 10,632.35.

The broader Tokyo Stock Price Index of all issues listed on the first section of the Tokyo stock Exchange finished down 22.86 points, or 2.08 percent, to 1,075.70 on Wednesday. The TOPIX fell 26.87 points, or 2.39 percent, the day before.

In currency dealings, the dollar strengthened amid concerns about weakness in Japan’s economy.

Traders said news that Japanese Prime Minister Junichiro Koizumi’s government is considering a new round of measures to combat deflation _ a debilitating fall in prices that stumps economic growth _ had little impact on currencies.

In other currencies, the euro was traded at 112.46 yen, unchanged from its level late Tuesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond fell to 1.4500 percent from Tuesday’s finish of 1.4700 percent. Its price rose 0.17 point to 100.43.

On the Net:

Japan’s Tokyo Stock Exchange: http://www.tse.or.jp

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