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Stock Prices, Dollar Move Slightly Lower

October 23, 1991

TOKYO (AP) _ Share prices on the Tokyo Stock Exchange fell slightly in morning trading Wednesday and the dollar fell slightly against the yen.

The 225-issue Nikkei Stock Average shed 120.29 points, or 0.48 percent, closing the morning session at 24,834.37. On Tuesday, the average lost 62.15 points, or 0.25 percent, after gaining 1,156.14 points in the previous five trading days.

The Tokyo Stock Price Index of all issues listed in the first section stood at 1,878.96 points, down 5.31 points, or 0.28 percent, from Tuesday’s finish.

At late morning, the dollar was changing hands at 131.35 yen, down 0.10 yen from Tuesday’s close. It opened at 131.57 yen after finishing overnight at 131.40 yen in New York.

By late morning, the benchmark No. 129 10-year Japanese government bonds inched down to 103.17 points from the previous day’s close of 103.20. Their yield stood at 5.835 percent, up from 5.830 percent.

Traders said the Nikkei average was pushed down by index-linked selling as players held back following an overnight decline on Wall Street and weakening domestic bond prices.

Yuji Hayashi said sentiment was more bullish than the indexes indicated because of continued expectations of lower interest rates in Japan.

There has been speculation that Japan’s central bank may cut its official discount rate after a new government takes office early next month.

In currency trading, the dollar initially was sold slightly but rebounded despite a lack of specific news to affect trading, said Yoshikazu Kawaguchi, a dealer with Daiwa Bank.

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