Stocks Lower in Tokyo
Nov. 25, 1998
TOKYO (AP) _ Japanese stock prices fell in morning trading Wednesday following a drop on Wall Street. The dollar was lower against the yen.
The Nikkei Stock Average slid 169.02 points, or 1.11 percent, to 14,995.62 at the end of the morning session. On Tuesday, the index rose 384.70 points, or 2.60 percent, closing above the psychologically important 15,000-point level for the first time since Aug. 25.
Share prices retreated Wednesday after the Dow Jones industrial average lost 73.12 points to finish Tuesday's session at 9,301.15. On Monday, the Dow rose 214.72 points, closing at a record high of 9,374.27. Its previous record was 9,337.97 points, set in July.
Traders said the Nikkei was taking a breather after gaining about 800 points in the past two trading days.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 6.69 points, or 0.58 percent, to 1,148.92. The TOPIX gained 24.87 points, or 2.20 percent, the previous day.
In currency dealings, profit-taking pushed the U.S. currency lower against the yen. Selling of the German mark to buy yen also indirectly affected trading in favor of the Japanese currency.
The dollar bought 120.78 yen at midday, down 0.84 yen from late Tuesday in Tokyo and also below its level of 121.18 yen in New York.
Trading in general remained thin and sluggish ahead of the Thanksgiving holiday in the United States, with many U.S. players on the sidelines.
The 10-year Japanese government bond fell to 0.910 percent from Tuesday's finish of 0.920 percent, driving its price up to 107.82 yen from 107.73 yen.