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Tokyo Stocks Higher on Dow Rally

June 6, 2002

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TOKYO (AP) _ Tokyo stock prices edged higher early Thursday as a rally on Wall Street cheered investors. The dollar was lower against the yen.

The benchmark 225-issue Nikkei Stock Average rose 36.26 points, or 0.31 percent, to 11,700.13 at the open. On Wednesday, the average rose 10.80 points, or 0.09 percent.

The dollar bought 124.14 yen in early trading, down 0.11 yen from late Wednesday and below its late New York level of 124.46 yen.

On the stock market, the Nikkei index continued to advance amid gains on Wall Street, especially in U.S. technology stocks.

In New York, the Dow Jones industrial average climbed 108.96 to 9,796.80 at Wednesday’s close. The Nasdaq composite index finished at 1,595.26, up 17.14.

The broader Tokyo Stock Price Index of all issues listed on the first section of the Tokyo Stock Exchange was up 4.18 points, or 0.37 percent, to 1,120.45 early Thursday. The TOPIX dipped 1.67 points, or 0.15 percent, the day before.

In currency dealings, the dollar moved slightly lower against the yen in cautious trading following Tuesday’s dollar-buying intervention by Japan’s central bank in the foreign exchange market in New York.

Japan is struggling to emerge from a decade-long economic slowdown and officials here worry that a higher yen will hurt an export-led recovery by making Japanese goods more expensive overseas.

In other currencies, the euro was traded at 116.65 yen, down slightly from 116.67 yen late Wednesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond was unquoted in early trading. On Wednesday, it settled at 1.3950 percent and its price stood at 100.04.

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On the Net:

Tokyo Stock Exchange: http://www.tse.or.jp

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