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Stocks Rise in Early Tokyo Trading

April 30, 1998

TOKYO (AP) _ Stocks rebounded Thursday morning following hefty losses earlier this week. The dollar rose against the yen.

The Nikkei Stock Average rose 186.74 points, or 1.21 percent, to 15,582.17 in the first hour of morning trading. On Tuesday, the index had shed 254.52 points, or 1.63 percent, closing at its lowest level since Jan. 14.

Japanese financial markets were closed Wednesday for a national holiday.

The Tokyo Stock Price Index of all issues listed on the first section was up 12.01 points, or 1 percent, to 1,212.91. On Tuesday, the TOPIX had lost 12.92 points, or 1.06 percent.

Recent losses by bank shares made them a relative bargain, traders said. A rise in New York stocks and stability in the foreign exchange market also improved overall market sentiment.

In currency trading, the dollar was changing hands at 132.20 yen, up 0.33 yen from late Tuesday but below its late New York level of 132.36 yen Wednesday.

Dollar-selling by Japanese exporters pushed the U.S. currency down against the yen compared with its levels in New York.

But trading was sparse because of the Golden Week string of holidays in Japan, traders said. The markets will be closed again Monday and Tuesday.

The yield on the 10-year Japanese government bond rose to 1.460 percent from Tuesday’s finish of 1.455 percent, driving its price down to 110.25 from 110.29.

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