Dollar Down, Stock Prices Edge Up
TOKYO (AP) _ The dollar edged down against the Japanese yen in foreign exchange dealings in Tokyo Monday, while share prices lost ground in afternoon trading.
After opening at 136.25 yen, the dollar was traded between 135.95 yen and 136.35 yen and ended Monday’s session at 136.03 yen, down 0.72 yen from Friday’s closing.
The Nikkei Stock Average of 225 selected issues, a 371.75-point winner during last Saturday’s half-day session, lost 146.67 points, or 0.53 percent, to close at 27,341.58. The market’s main barometer gained 118.54 points shortly after the trading started, but declined in afternoon trading.
The dollar dipped partly because investors started selling the currency after unfavorable U.S. unemployment figures were released last Friday, according to a Bank of Tokyo foreign exchange dealer.
″But the dollar is still strong, and it’s unlikely that the currency will go down that much,″ he said, speaking on condition of anonymity.
Share prices have been gradually recovering and regaining in strength, said Toshiyuki Nishiguchi at Daiwa Securities in Tokyo. ″Share prices can’t keep rising because the market doesn’t have enough energy, but trading is getting active, which is a good sign,″ he said.
″As the trade volume increases, the market’s energy to raise share prices will follow,″ Nishiguchi said.