Tokyo Stocks Jump 35 Points
TOKYO (AP) _ Tokyo stocks erased early losses Friday morning, rising slightly on buying of bank shares. The dollar was lower against the yen.
The benchmark 225-issue Nikkei Stock Average rose 34.66 points, or 0.24 percent, to end the morning session at 14,683.17. On Thursday the average closed up 140.87 points, or 0.97 percent.
The dollar bought 110.49 yen in late morning, down 0.57 yen from late Thursday in Tokyo and also below its late New York level of 111.34 yen.
On the stock market, the blue-chip Nikkei index opened lower after the tech-heavy Nasdaq composite index dropped 109.00 points to 2,597.93 in New York on Thursday.
That provoked follow-through selling early Friday in Tokyo of shares in electronics companies. But the Nikkei later moved into positive territory on buying of shares in banks and retailers. Trading volume was light.
The broader Tokyo Stock Price Index of all issues listed on the first section climbed 3.30 points, or 0.24 percent, to 1,365.96. The TOPIX closed up 13.58 points, or 1.01 percent, the day before.
In currency dealings, the dollar fell against the yen over concerns about the recent weakness of the U.S. stocks and mounting signs of a U.S. economic slowdown.
In New York trading Thursday, the Dow Jones industrial average lost 214.62 points to close at 10,414.49.
In other currencies, the euro was quoted at 96.54 yen, up from 95.90 yen late Thursday in Tokyo.
The yield on the benchmark 10-year Japanese government bond rose to 1.6350 percent from Thursday’s finish of 1.6150 percent. Its price fell 0.16 point to 101.43.
On the Net: Tokyo Stock Exchange: http://www.tse.or.jp