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Japanese Stocks Rise

March 1, 2000

TOKYO (AP) _ Japanese stocks continued to rise Wednesday morning following a rally on Wall Street. The dollar slipped against the yen.

The benchmark 225-issue Nikkei Stock Average gained 73.40 points, or 0.37 percent, to 20,032.92 at the end of the morning. On Tuesday, the average closed up 239.42 points, or 1.21 percent.

The dollar bought 109.12 yen, down 0.14 yen from late Tuesday in Tokyo and also lower than its late New York level of 110.19 yen.

On the stock market, the Nikkei average moved into the 20,000-point level soon after opening, pushed up by earlier gains in New York. The Nikkei has not hit the 20,000-point level since Feb. 9.

``Worries about New York tumbling on rising interest rates have eased,″ said Sachio Ishikawa, general manager at Chuo Securities.

In New York, the Dow Jones industrial average rose 89.66 points, or 0.89 percent, to 10,128.31 at Tuesday’s close. The technology-rich Nasdaq composite index soared 118.84 to a record closing at 4,696.69, surpassing its previous closing record of 4,617.65 set last Thursday.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 6.17 points, or 0.36 percent, to 1,725.11. The TOPIX closed down 9.50 points, or 0.55 percent, the day before.

In currency dealings, the dollar edged lower on mild selling by foreign investors, including U.S. banks and securities houses. But traders said a further sharp drop in the greenback would be unlikely because of bids from Japanese players at lower 109-yen levels.

In other currencies, the euro was traded at 106.40 yen, down from 106.42 yen late Tuesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond fell to 1.8300 percent from Tuesday’s finish of 1.8350 percent. Its price rose 0.04 point to 99.74.

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