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Dollar, Stocks Lower

April 24, 1991

TOKYO (AP) _ The dollar slid against the Japanese yen for the second consecutive session today, while share prices fell on the Tokyo Stock Exchange.

The dollar closed at 137.55 yen, down 0.90 yen from Tuesday’s close of 138.45 yen and also below its New York finish of 137.63 yen on Tuesday.

The dollar had fallen 0.25 yen Tuesday after rising a total of 3.48 yen in the previous three trading days. After opening at 137.50 yen today, it ranged between 137.15 yen and 137.65 yen.

Spot trading totaled $8.31 billion, up from Tuesday’s $6.54 billion.

The dollar opened lower following its decline Tuesday in Europe and New York, where it was buffeted by a round of central bank selling and news of weaker-than-expected U.S. durable goods sales in March, dealers said.

Michihiro Okada, a dealer with Mitsui Trust and Banking, said the dollar ″is in an adjustment phase after its recent rapid advance.″

Okada said trading was becoming somewhat nervous before a meeting of the Group of Seven major industrialized nations in Washington Sunday, when exchange rates are to be taken up.

In stock trading, the Nikkei Stock Average of 225 selected issues fell 161.36 points, or 0.61 percent, closing at 26,330.21. On Tuesday, the index gained 254.56 points, or 0.97 percent.

Volume on the market’s first section was estimated at 350 million shares, down from Tuesday’s 360 million shares.

Masahiko Nozaki, an analyst with Wako Securities, said the market remained sluggish throughout the day, with profit-taking and small-lot selling by individual investors toward the close accelerating the index’s slide.

″Both the number of market participants and trading volume are getting smaller ahead of Golden Week season,″ a string of national holidays in Japan between April 27 and May 6, Nozaki said.

The benchmark North Sea Brent crude oil for June delivery was traded at $19.45 a barrel at midafternoon, up about 15 cents from its closing levels Tuesday in New York.

In bond dealings, the price of the benchmark No. 129 10-year Japanese government bonds stood at 98.11 points, down from 98.25 on Tuesday. Their yield rose to 6.740 percent from 6.715 percent.

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