Tokyo Stocks Down at Midday
TOKYO (AP) _ Tokyo stock prices fell Tuesday morning on profit-taking in reaction to the sharp advance on Friday. The dollar rose against the yen.
The Nikkei Stock Average shed 219.71 points, or 1.34 percent, to 16,159.07 points at the end of the morning session. On Friday, the average soared 660.86 points, or 4.20 percent, to an eight-month high.
The dollar bought 118.77 yen, up 1.25 yen from late Friday in Tokyo and also above its level of 118.11 yen in New York.
Tokyo financial markets were closed Monday for a national holiday.
On the Tokyo Stock Exchange, shares started slightly higher on buying by foreign brokerages but quickly turned into negative territory on profit-taking, traders said.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 0.10 points, negligible in percentage terms, to 1,269.66. The TOPIX gained 38.52 points, or 3.13 percent Friday.
On Monday, the Dow Jones industrial average slipped 13.04 points to close at 9,890.51.
In currency exchange, the dollar gained against the yen after U.S. investment banks were seen buying the U.S. currency in a move to cover short, or oversold positions, traders said.
In other currencies, the euro was traded at 129.35 yen, up from 128.36 yen late Friday in Tokyo.
The yield on the 10-year Japanese government bond rose to 1.700 percent from Friday’s finish of 1.670 percent, driving its price down to 100.79 yen from 101.04 yen.