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Dollar Up Slightly Against Yen; Tokyo Stock Exchange Dips

June 22, 1990

TOKYO (AP) _ The dollar edged up against the Japanese yen today, while share prices on the Tokyo Stock Exchange dipped moderately.

The dollar closed at 154.75 yen, up 0.15 yen from Thursday’s close of 154.60 yen. After opening at 154.98 yen, the U.S. currency ranged between 154.65 yen and 155.00 yen.

″It’s been a quiet day,″ said Chizuko Satsukawa, a currency dealer with Chemical Bank in Tokyo. She said the dollar stayed in a relatively narrow range because of a lack of fresh market-affecting news.

The dollar was sold against the British pound on profit-taking after the U.S. currency gained ground, she said. The British currency has been advancing on speculation that Britain will join Europe’s unified exchange system this year, dealers say.

About $8.65 billion changed hands in spot trading, down from Thursday’s $10 billion.

On the stock market, the Nikkei Stock Average of 225 selected issues fell 392.70 points or 1.22 percent, closing the week at 31,694.57. The Nikkei index lost 0.49 points, or 0.0015 percent, on Thursday.

Volume traded on the first section totaled 350 million shares, down from the previous day’s 400 million shares.

Akira Shimoda, an analyst with Yamaichi Securities, said many investors refrained from participating because of rising short-term interest rates. He cited 7.5 percent interest rates on three-month certificates of deposit.

Shimoda said institutional investors in particular took a wait-and-see position in advance of major political events set for next month, including monetary unification of the two German states and a seven-nation summit meeting of major industrialized countries scheduled in Houston.

In bond dealings, benchmark No. 119 10-year Japanese government bonds closed at 87.18 points, up from Thursday’s close of 87.14. Their yield stood at 7.145 percent, down from the previous day’s 7.155 percent.

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