Tokyo Stocks Rise
TOKYO (AP) _ Tokyo stocks rose in early trading Friday, energized by big gains on Wall Street. The dollar was lower against the yen.
The benchmark 225-issue Nikkei Stock Average climbed 196.35 points, or 1.47 percent, to 13,577.73 at the start of the morning session. On Thursday, the average closed up 138.60 points, or 1.05 percent.
The dollar bought 123.97 yen in early trading, down 0.21 yen from later Thursday in Tokyo and also below its New York level of 124.04 yen.
The Nikkei got off to a strong start, with blue chip technology and telecommunications stocks posting gains following a white-knuckled rally in U.S. stocks.
In New York on Thursday, stocks rose on good earnings news from bellwethers Dell Computer and Alcoa.
The Dow Jones industrial average closed up 402.63 points, or 4.2 percent, to finish at 9,918.05 _ its second-largest daily point gain since it rose 499.19 points on March 16, 2000. The Nasdaq composite index finished at 1,785.00, up 146.20, or 8.9 percent. It was the Nasdaq’s third-biggest daily percentage gain ever.
The broader Tokyo Stock Price Index of all issues listed on the first section was up 12.97 points, or 0.98 percent, to 1,330.80. The TOPIX closed up 13.46 points, or 1.03 percent, the day before.
In the currency market, the dollar continued its retreat this week against the yen, in the wake of comments from Japanese financial authorities suggesting they are unhappy with the fast pace of their currency’s recent slide.
The greenback has strengthened in recent weeks against the yen, as Japan struggles to revive its economy after a decade of slow-growth.
In other currencies, the euro was traded at 111.76 yen in early morning, down from 112.18 yen late Thursday in Tokyo.
The yield on the benchmark 10-year Japanese government bond rose to 1.3350 percent from 1.3000 percent at the close Thursday. Its price fell 0.30 point to 97.94.
On the Net:
Tokyo Stock Exchange: http://www.tse.or.jp