Tokyo Stocks Decline
Mar. 22, 2002
TOKYO (AP) _ Tokyo stocks lost ground Friday on continued profit-taking against recent gains. The dollar edged higher against the yen.
The benchmark 225-issue Nikkei Stock Average closed down 181.70 points, or 1.6 percent, to 11,526.78. On Wednesday, the average fell 266.04 points, or 2.26 percent.
The dollar bought 132.37 yen at 3 p.m. (1 a.m. EST), up 0.17 yen from late Wednesday in Tokyo and also above its late New York level of 131.88 yen overnight
Financial markets in Tokyo were closed Thursday for a national holiday.
On the stock market, the Nikkei index posted moderate declines as investors continued to lock in profits following sharp gains earlier this week. On Tuesday, the average gained nearly 300 points.
In New York, the Dow Jones industrial average fell 21.73 to 10,479.84 at Thursday's close. The Nasdaq composite index finished at 1,868.83, up 35.96.
The broader Tokyo Stock Price Index of all issues listed on the first section of the Tokyo Stock Exchange finished down 21.22 points, or 1.9 percent, to 1,076.63 on Friday. The TOPIX fell 14.94 points, or 1.34 percent, on Wednesday
In currencies, the dollar inched higher against the yen after Tokyo stock prices fell into negative territory.
Trading, however, remained in a narrow range amid the absence of fresh market-moving news and ahead of the weekend.
In other currencies, the euro was traded at 116.78 yen, up from 116.30 yen late Wednesday in Tokyo.
The yield on the benchmark 10-year Japanese government bond fell to 1.4400 percent from Wednesday's finish of 1.4450 percent. Its price rose 0.04 to 100.51.
On the Net:
Japan's Tokyo Stock Exchange: http://www.tse.or.jp