Tokyo Stock Prices Down
Aug. 17, 2000
TOKYO (AP) _ Tokyo stocks fell Thursday morning on profit-taking, exacerbated by a dip in the Dow Jones industrial average on Wall Street. The dollar slipped against the yen.
The benchmark 225-issue Nikkei Stock Average shed 179.97 points, or 1.10 percent, to 16,176.06 points at the end of the morning session. On Wednesday, the average closed up 57.74 points, or 0.35 percent.
The dollar bought 108.42 yen in late morning, down 0.38 yen from late Wednesday in Tokyo and also below its late New York level of 108.63 yen.
On the stock market, traders said the Nikkei index slid in light trading as investors locked in profits in reaction to a four-day advance totaling 380.38 points.
Many investors also turned bearish following a 58.61-point decline in the Dow Jones industrial average on Wednesday, when the index closed at 11,008.39.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 13.57 points, or 0.91 percent, to 1,481.87 points. The TOPIX closed down 4.87 points, or 0.32 percent, the day before.
Also in New York on Wednesday, the Nasdaq composite index rose 9.54 points to close at 3,861.20.
In currency dealings, the dollar edged lower mostly in line with its weakness in New York, where both the yen and the euro rose against the greenback following new U.S. economic data.
U.S. consumer prices released Wednesday rose 0.2 percent in July, down from 0.6 percent in June, reinforcing expectations the Federal Reserve Bank will leave interest rates unchanged at its Aug. 22 meeting. The Consumer Price index is a key barometer for inflation.
Lower interest rates make a nation's currency less attractive to investors.
In other currencies, the euro was traded at 99.13 yen, down from 99.14 yen late Wednesday in Tokyo.
The yield on the benchmark 10-year Japanese government bond rose to 1.7700 percent from Wednesday's finish of 1.7650 percent. Its price fell 0.04 point to 99.40.
On the Net: Tokyo Stock Exchange: http://www.tse.or.jp