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Tokyo Stocks Close Higher

October 23, 2001

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TOKYO (AP) _ Tokyo stocks closed sharply higher Tuesday, buoyed by overnight gains on Wall Street and a surge in the dollar. The U.S. currency was higher against the Japanese yen.

The benchmark 225-issue Nikkei Stock Average gained 296.15 points, or 2.80 percent, to finish at 10,861.56. On Monday, the index rose 26.62 points, or 0.25 percent.

The dollar bought 122.61 yen at 3 p.m. (0500 GMT), up 1.02 yen from late Monday in Tokyo and above its level of 122.54 later Monday in New York.

On the stock market, traders said Tokyo stocks rose as investors were encouraged by Wall Street’s gains Monday.

The Dow Jones industrial average rose 172.92, or 1.88 percent, to close at 9,377.03. The technology-heavy Nasdaq composite index gained 36.77, or 2.2 percent, to 1,708.08.

The dollar’s rise above 122 yen for the first time in two months also encouraged investors in Tokyo. A weaker yen helps Japanese exporters by making their products cheaper overseas and boosting the value of repatriated earnings.

The broader Tokyo Stock Price Index of all issues listed on the first section finished up 22.76 points, or 2.12 percent, to 1,095.74. The TOPIX rose 2.33 points, or 0.22 percent, Monday.

In currencies, the gains in U.S. stocks helped boost the greenback.

The euro was quoted at 109.39, up from 109.13 yen late Monday in Tokyo.

The yield on the benchmark 10-year Japanese government bond slipped to 1.3300 percent from 1.3550 percent late Monday. The price rose to 100.61, up 0.22 point.

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On the Net:

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

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