Tokyo Stocks Fall, Dollar Lower
Mar. 12, 2002
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TOKYO (AP) _ Tokyo stocks slid Tuesday as investors eager to cash in on recent gains ended the market's sharp four-day rise. The U.S. dollar was lower against the yen.
The benchmark 225-issue Nikkei Stock Average lost 311.97 points, or 2.62 percent, to close at 11,607.33. On Monday, the average rose 33.51 points, or 0.28 percent.
The dollar bought 128.56 yen by late afternoon, down 0.46 yen from late Monday in Tokyo but above its late New York level of 128.18 yen.
On the stock market, the Nikkei index was dragged lower by investors selling shares to book profits on recent price gains. Among decliners were high-tech heavyweight Softbank, telecoms NTT DoCoMo and KDDI and banks Mizuho Holdings, Sumitomo Mitsui Banking and UFJ Holdings.
Despite the day's losses, the Nikkei is still up 23.2 percent from its level on Feb. 6, when it hit an 18-year low of 9,420.85 points.
In New York, the Dow Jones industrial average rose 38.75 points to 10,611.24 at Monday's close. The Nasdaq composite index ended at 1,929.49, down 0.18.
The broader Tokyo Stock Price Index of all issues listed on the first section of the Tokyo Stock Exchange finished down 26.87 points, or 2.39 percent, to 1,098.56 Tuesday. The index gained 17.30 points, or 1.56 percent, on Monday.
On the exchange's first section, decliners beat advancers 990 to 404, and 110 issues were unchanged from Monday. An estimated 952.15 million shares traded, down from 1.106 billion the previous day.
In currency dealings, the dollar was weaker against the yen, in large part because Japanese companies and investors continued to sell overseas assets, and convert dollars to yen, to offset losses at home, traders said. The dollar fluctuated between 127.97 yen and 128.88 yen in Tokyo trading on Tuesday.
The demand for yen is expected to last through the end of March, when Japan's fiscal year ends, despite the country's recession.
In other currencies, the euro was traded at 112.46 yen, down from 112.92 yen late Monday in Tokyo.
The yield on the benchmark 10-year Japanese government bond fell to 1.4700 percent from Monday's finish of 1.5000 percent. Its price rose 0.26 point to 100.26.
On the Net:
Japan's Tokyo Stock Exchange: http://www.tse.or.jp