Tokyo Stocks Climb, Dollar Lower
Dec. 06, 2001
TOKYO (AP) _ Boosted by Wall Street's rally, Tokyo stocks surged Thursday morning with buying of technology issues leading the advance. The dollar was lower against the yen.
The benchmark 225-issue Nikkei Stock Average rose 266.24 points, or 2.48 percent, to 10,980.05 at the end of morning trading. On Wednesday, the average closed up 261.16 points, or 2.50 percent.
The dollar bought 123.95 yen at late morning, down 0.17 yen from late Wednesday in Tokyo and also below its late New York level of 124.25 yen.
On the stock market, the Nikkei moved sharply higher as buying of Japanese tech and banking issues led the morning rally on expectations the U.S. economic recovery may come earlier than expected.
Investors in Tokyo were cheered after U.S. stocks finished sharply higher on the back of stronger U.S. technology issues.
In New York, the Dow Jones industrial average rose 220.45 to 10,114.29 at Wednesday's close. The Nasdaq composite index finished at 2,046.84, up 83.74.
The broader Tokyo Stock Price Index of all issues listed on the first section was up 16.43 points, or 1.57 percent, to 1,063.77 Thursday morning. The TOPIX closed up 18.84 points, or 1.83 percent, the day before.
In currencies, the dollar was higher against the yen early in the session before retreating slightly amid the Tokyo stock market's sharp gains.
The euro was traded at 110.02 yen, down from 110.79 yen late Wednesday in Tokyo.
The yield on the benchmark 10-year Japanese government bond rose to 1.3950 percent from Wednesday's finish of 1.3750 percent. Its price fell 0.17 point to 100.08.
On the Net:
Tokyo Stock Exchange: http://www.tse.or.jp