TOKYO (AP) _ Tokyo stocks opened lower Wednesday on profit taking following their rise to a 14-month high the day before. The dollar was higher against the yen.

The Nikkei Stock Average of 225 selected issues on the Tokyo Stock Exchange was down 49.61 points, or 0.45 percent, at 10,872.43 shortly after the open. On Tuesday, the index rose 238.28 points, or 2.23 percent, to 10,922.04, its highest close since July 9, 2002, when it finished at 10,960.25.

The dollar was trading at 116.85 yen at 9 a.m. Wednesday, up 0.49 yen from late Tuesday and also above the 116.83 yen it later bought in New York.

On the stock market, Wall Street's weakness also discouraged investors here.

In New York on Tuesday, a disappointing revenue outlook from Nokia Corp. set off profit-taking, prompting investors to be uncertain about a strong economic rebound.

The Dow Jones industrial average closed down 79.09, or 0.8 percent, at 9,507.20. The broader Nasdaq composite index fell 15.19, or 0.8 percent, to 1,873.43.

The broader Tokyo Stock Price Index fell 3.09 points, or 0.30 percent, to 1,042.62 early Wednesday. The TOPIX, which includes more than 1,000 of Japan's largest companies, gained 17.77 points, or 1.72 percent, on Tuesday.

In other currencies, the euro was higher against the dollar and the yen. It traded at $1.1228, up from $1.1092 late Tuesday. Against the Japanese currency, the euro bought 131.26, up from 129.05 yen.

Japanese government bonds was unquoted early Wednesday after it suffered from weakening demand as investors moved money into the stock market. The yield on the benchmark 10-year bond stood at 1.6000 percent, with the price of 100.00 late Tuesday.


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