Dollar Rebounds In Tokyo, Stocks Continue Slide
Aug. 08, 1988
TOKYO (AP) _ The dollar claimed back lost ground against the Japanese yen today in Tokyo, while stock prices accumulated further losses.
The dollar closed the day at 133.97 yen, up a strong 0.85 yen from its close Friday at 133.12 yen. It traded at briefly today at a high of 134.05 yen.
''The dollar moved up mainly because of the activity around the West German mark,'' said a dealer at a major Japanese securities firm, speaking on condition of anonymity.
The dollar rose to a 19-month high against the deutsche mark in New York on Friday, propped up in part by strong earnings and payroll figures in the July U.S. employment report released last week.
According to the U.S. Labor Department, the nation's jobless rate rose to 5.4 percent in July from a 14-year low of 5.3 percent in June.
In a separate report, the department said the number of non-farm payrolls in June was revised upward, showing much stronger job creation than preliminary figures indicated.
On the Tokyo Stock Exchange, meanwhile, the Nikkei average of 225 selected issues, a 60.20-point loser during Saturday's half-day session, slid a further 109.60 points, or 0.38 percent, to close the day at 28,253.12 points.
Dealers said the market was plagued by interest rate concerns continuing from the U.S. employment report.
Volume on the first section of the exchange was estimated at 600 million shares, down from 800 million shares Friday, the most recent full day of trade.