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Tokyo Stocks Rise in Early Trading

October 22, 1999

TOKYO (AP) _ The dollar edged higher against the yen early Friday in quiet, pre-weekend trading. Japanese stocks rose slightly.

The dollar bought 106.16 yen, up 0.04 yen from late Thursday in Tokyo and also above its level of 105.86 yen in New York.

The benchmark 225-issue Nikkei Stock Average gained 24.21 points, or 0.14 percent, to 17,422.48 in the first 30 minutes of trading. On Thursday, the average closed down 86.44 points, or 0.49 percent.

In currency dealings, the dollar nudged higher as some investors covered short, or oversold, positions ahead of the weekend amid a lack of market-moving news, traders said.

In other currencies, the euro was traded at 114.08 yen, down from 114.36 yen late Thursday in Tokyo.

On the stock market, prices in Tokyo opened little changed despite a decline earlier on Wall Street.

Traders said they expected the Tokyo stock market to remain quiet as investors were still trying to confirm the direction of the U.S. stock market.

``It will be difficult for investors to take positions ahead of the weekend,″ said Kazunori Jinnai, deputy general manager at Daiwa Securities SB Capital Markets.

In New York on Thursday, the Dow Jones industrial average fell 94.67 points to 10,297.69, hurt by a pessimistic profit outlook from IBM late Wednesday.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 3.73 points, or 0.25 percent, to 1,507.67. The TOPIX closed down 3.37 points, or 0.22 percent, the day before.

The yield on the benchmark 10-year Japanese government bond stood at 1.8700 percent, unchanged from Thursday’s finish. Its price remained at 99.40.

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