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Japanese Stock Prices Close Higher

August 15, 2000

TOKYO (AP) _ Japan’s benchmark stock index rose for a third straight session in thin trading Tuesday, lifted by overnight gains by U.S. technology shares. The U.S. dollar was stronger against the yen.

The benchmark 225-issue Nikkei Stock Average gained 144.38 points, or 0.89 percent, to finish at 16,298.29. On Monday, the average closed up 36.41 points, or 0.23 percent.

The dollar bought 109.40 yen at 3 p.m. (0600 GMT) Tuesday, up 0.66 yen from late Monday in Tokyo but below its overnight level of 109.51 yen in late New York trading.

On the stock market, Sony and other technology issues finished higher as overnight gains by their counterparts on Wall Street encouraged follow-through buying by investors in Tokyo.

In New York on Monday, the Dow Jones industrial average rose 148.34 points to 11,176.14 while the technology-heavy Nasdaq composite index closed up 60.22 points at 3,849.69.

Trading in Tokyo was listless, however, because many market participants were off for Japan’s ``Obon″ summer holidays.

The broader Tokyo Stock Price Index of all issues listed on the first section gained 6.88 points, or 0.46 percent, to 1,500.31. The TOPIX closed up 2.54 points, or 0.17 percent, the day before.

Trading volume was well below average. Only 475.45 million shares changed hands, little changed from the 450.10 million shares that traded Monday.

Rising stocks outnumbered decliners 735 to 482, while 161 issues finished unchanged.

In currency dealings, the dollar held onto most of its overnight gains against the yen in New York, where the Japanese currency retreated on signs Japan’s economy continues to stumble.

A Japanese credit research agency announced Monday that corporate bankruptcies rose 21.4 percent in July because of a slump in personal consumption and a decline in public spending.

In other currencies, the euro was traded at 99.46 yen, up from 98.20 yen late Monday in Tokyo.

The yield on the benchmark 10-year Japanese government bond rose to 1.7450 percent from Monday’s finish of 1.7200 percent. Its price fell 0.21 point to 99.61.

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