Tokyo Stocks Slip
Tokyo Stocks Slip
Jul. 11, 2000
TOKYO (AP) _ Tokyo stocks fell moderately Tuesday morning, pushed down by an a slide in technology stocks on Wall Street. The dollar was higher against the yen.
The benchmark 225-issue Nikkei Stock Average shed 60.67 points, or 0.35 percent, to 17,512.01 at the end of the morning session. On Monday, the average closed up 174.44 points, or 1.00 percent.
The dollar bought 107.02 yen, up 0.24 yen from late Monday in Tokyo but below its late New York level of 107.10 yen.
On the stock market, the Nikkei index moved lower during morning trading after the technology-heavy Nasdaq composite index fell 42.91 points to 3,980.29 at Monday's close in New York. The Dow Jones industrial average rose 10.60 points to end at 10,646.58 on Monday.
Among morning losers in Tokyo were high technology issues, including Sony, Kyocera and Fujitsu, and precision instrument stocks such as Canon.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 4.09 points, or 0.25 percent, to 1,609.80. The TOPIX closed up 16.53 points, or 1.03 percent, the day before.
In currency dealings, the dollar stayed in a narrow range amid a dearth of major market-moving news.
Traders said many players were watching out for any comments by Japanese officials about interest rates. The Bank of Japan will hold a policy-board meeting next Monday and players are cautious over whether the central bank will change its zero interest rate policy.
Amid more signs in recent weeks that Japan's economy is recovering from its worst slowdown since the end of World War II, some observers think the BOJ is considering raising interest rates for the first time in 10 years.
In other currencies, the euro was traded at 102.14 yen, up from 101.72 yen late Monday in Tokyo.
The yield on the benchmark 10-year Japanese government bond stood at 1.7650 percent, unchanged from Monday's finish. Its price remained unchanged at 99.43.
On the Net: Tokyo Stock Exchange: http://www.tse.or.jp