Tokyo Stocks Fall, Dollar Higher
May. 30, 2001
TOKYO (AP) _ Tokyo stocks dropped Wednesday morning after the tech-rich Nasdaq composite index finished lower on Wall Street. The dollar was higher against the yen.
The benchmark 225-issue Nikkei Stock Average shed 242.24 points, or 1.76 percent, to 13,531.65 at the end of trading. On Tuesday, the average closed up 36.12 points, or 0.26 percent.
The dollar bought 120.51 yen in late morning, up 0.11 yen from late Tuesday in Tokyo and also above its late New York level of 120.07 yen.
On the stock market, the Nikkei took its cue from the Nasdaq, which shed 75.49 to close at 2,175.54 Tuesday in New York.
Tokyo investors focused their selling on technology and telecommunication stocks, worried that any weakness in the U.S. technology sector could be bad news for Japanese corporate earnings.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 24.80 points, or 1.83 percent, to 1,330.83 Wednesday. The TOPIX closed up 5.86 points, or 0.43 percent, the day before.
In the currencies market, the dollar rebounded from early losses against the yen, in technical buying by U.S. investors amid a lack of market-moving news.
The euro was traded at 103.32 yen, up from 102.94 yen late Tuesday in Tokyo.
The yield on the benchmark 10-year Japanese government bond rose to 1.3000 percent from Tuesday's finish of 1.2800 percent. Its price fell 0.17 point to 100.00.
On the Net:
Tokyo Stock Exchange: http://www.tse.or.jp