Dollar Closes Higher, Stocks Mixed
Jun. 07, 1993
TOKYO (AP) _ The dollar closed higher against the Japanese yen today despite being pushed down by profit-taking, while prices on the Tokyo Stock Exchange were mixed.
The dollar closed at 107.47 yen, up 0.21 yen from Friday's close but below its New York finish Friday of 107.75 yen. It opened at 107.80 yen, its high for the day, and ranged as low as 107.45 yen.
''The dollar hardly moved after it hit the day's low and stayed around 107.50 yen throughout the day. Players were only making minor adjustments,'' said Ryoko Kawashima, a dealer with Citibank.
The dollar rallied Friday after the U.S. Labor Department reported that non-farm payroll jobs rose by 209,000 in May and that the civilian unemployment rate fell by 0.1 percentage point to 6.9 percent in that month.
The report boosted confidence that the U.S. economic recovery is gaining momentum.
Today's spot trading totaled $3.980 billion, down from Friday's $4.228 billion.
On the stock exchange, the 225-issue Nikkei Stock Average slipped 38.05 points, or 0.18 percent, closing at 20,844.19, despite being up 139.04 points, or 0.67 percent, at the end of the morning session. On Friday, it had fallen 193.76 points, or 0.92 percent.
The Tokyo Stock Price Index of all issues listed on the first section was up 0.15 points, or 0.01 percent, to 1,671.85. On Friday, it had gained 4.43 points, or 0.26 percent.
An estimated 350 million shares, down from Friday's 560 million, were traded on the first section. Advances outnumbered declines 523 to 504, with 165 issues unchanged.
The Nikkei index fell back in the afternoon on index-linked arbitrage selling, in which traders seek profits from price gaps between the spot and futures markets. Earlier, it had gained on expectations that trust banks and public pension funds would funnel more money into the stock market, traders said.
The price of the benchmark No. 145 10-year Japanese government bonds closed at 105.91 yen, down 0.19 yen from Friday's close. Their yield rose 0.030 percentage point to 4.555 percent.