Tokyo Stocks Rise in Early Trading
May. 11, 1998
TOKYO (AP) _ The dollar rose against the yen early Monday after a weekend meeting of the G-7 failed to produce concerted support for Japan's currency. Tokyo stocks rose.
The dollar bought 133.18 yen, up 0.32 yen from late in Tokyo on Friday and above its late New York level of 132.83 yen Friday.
The failure to address the yen's recent weakness at Saturday's meeting of finance ministers from the Group of Seven leading industrial nations was seen as a green light to continue selling the currency, traders said.
With no sign of Japan's economy pulling out of a stubborn slump, investors bought dollars to invest in the United States' high flying markets.
In yet another sign of how the U.S. economy is booming while Japan struggles, a U.S. government report last week showed unemployment dropped to 4.3 percent in April, its lowest level since 1970. Japan's unemployment _ once a fraction of the United States' _ has risen to 3.9 percent.
The benchmark 225-issue Nikkei Stock Average rose 165.09 points, or 1.09 percent, to 15,314.09 points in the first 30 minutes of trading. On Thursday, the average gained 5.97 points, or 0.04 percent.
The broader Tokyo Stock Price Index of all issues listed on the first section rose 7.92 points, or 0.67 percent, to 1196.10. The TOPIX closed down 1.69 points, or 0.14 percent, Friday.
Meanwhile, the yield on the benchmark No. 182 10-year Japanese government bond was unchanged at 1.335 percent from Thursday. Its price edged down to 111.14 yen from 111.15 yen.