Tokyo Stocks Rise
TOKYO (AP) _ Tokyo stocks rose slightly early Monday after U.S. stocks finished mostly higher on Friday by shrugging off a surge in U.S. unemployment. The dollar was higher against the yen.
The benchmark 225-issue Nikkei Stock Average climbed 43.57 points, or 0.42 percent, to 10,427.35 at the open. On Friday, the average closed up 36.50 points, or 0.35 percent.
The dollar bought 121.68 yen in early trading, up 0.17 yen from late Friday in Tokyo and also above its late New York level of 121.63 yen overnight.
On the stock market, the Nikkei index posted moderate gains after the Dow Jones industrial average rose 59.64 to 9,323.54 at Friday’s close. The Nasdaq composite index closed at 1,745.73, down 0.57, or 0.03 percent.
The U.S. Labor Department said Friday the nation’s unemployment rate climbed to 5.4 percent in October, the biggest one-month jump in more than 21 years, underscoring a belief that the economic fallout from the Sept. 11 terror attacks has pushed the country into recession.
Despite the grim U.S. data, analysts have said investors were focused on expectations for next year, pushing the Dow into positive territory on Friday.
The broader Tokyo Stock Price Index of all issues listed on the first section was up 3.03 points, or 0.29 percent, to 1,056.71 Monday. The TOPIX closed down 2.20 points, or 0.21 percent, on Friday.
In currency dealings, the dollar moved in a narrow range against the yen after narrowly mixed trading in New York on Friday.
In other currencies, the euro was traded at 109.58 yen, down from 110.13 yen late Friday in Tokyo.
The yield on the benchmark 10-year Japanese government bond was unquoted in early trading. On Friday, it settled at 1.3100 percent and its price stood at 100.78.
On the Net:
Japan’s Tokyo Stock Exchange: http://www.tse.or.jp