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Tokyo Stocks Edge Higher

May 22, 1998

TOKYO (AP) _ The dollar slipped against the yen early Friday, while Tokyo stock prices edged higher.

The dollar bought 135.06 yen in early morning, down 0.10 yen from late Thursday in Tokyo but above its late New York rate of 134.78 yen.

In New York, the dollar dropped on speculation that the U.S. Federal Reserve sold dollars for yen on behalf of the Bank of Japan to support the Japanese currency.

The yen’s value was also bolstered in New York following the resignation of Indonesian president Suharto earlier Thursday.

But the U.S. currency’s downward move slowed in Tokyo as Japanese investors bought dollars to buy U.S. currency-denominated assets, traders said.

The yen has recently suffered because of Japan’s close economic ties with Indonesia and fears of fallout from the Asian economic crisis.

Share prices moved narrowly with some profit-taking following Thursday’s gains, which came following Suharto’s dramatic resignation. But many investors remain cautious, waiting to see how the Indonesian situation will develop under new leadership.

The Nikkei Stock Average rose 16.44 points, or 0.10 percent, to 15,861.69 points in the first 30 minutes of trading. On Thursday, the average rose 192.30 points, or 1.23 percent.

The Tokyo Stock Price Index of all issues listed on the first section was up 2.05 points, or 0.17 percent, to 1,234.34 points. The TOPIX closed up 6.67 points, or 0.54 percent.

Meanwhile, the yield on the benchmark No. 182 10-year Japanese government bond stood at 1.295 percent, unchanged from Thursday’s finish. Its price was marginally down at 111.39 from 111.40.

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