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Dollar Falls, Stocks Higher

March 3, 1993

TOKYO (AP) _ The dollar fell against the Japanese yen Wednesday morning, while share prices on the Tokyo Stock Exchange rose in light trading.

The dollar was changing hands at 117.32 yen by late morning, down 1.19 yen from Tuesday’s close. It opened at 117.55 yen after finishing overnight New York trading at 117.73 yen.

The dollar steadied after its lower opening, which followed an overnight decline in London and New York on apparent anticipation of no immediate easing in German interest rates.

″It’s rather quiet and the dollar seems to remain in a moderate range here,″ said Hideyuki Muto, a dealer with Citibank in Tokyo.

Germany’s Bundesbank is scheduled to hold its regular council meeting Thursday and some traders had anticipated that the bank might lower its official interest rates - the discount rate - now standing at 8 percent. The 225-issue Nikkei Stock Average gained 70.94 points, or 0.42 percent, closing the morning session at 16,935.19. The average fell 15.35 points, or 0.09 percent, on Tuesday.

The Tokyo Stock Price Index of all issues listed on the first section was up 2.70 points, or 0.21 percent, to 1,278.52. The broader TOPIX was down 0.43 points.

Dealers said prices were moderately higher in a favorable reaction to an overnight 45.12-point advance in the Dow Jones industrial average.

Early gainers included communications issues, led by Nippon Telegraph and Telephone (NTT), the market’s most heavily capitalized issue.

The benchmark No. 145 10-year Japanese government bonds stood at 110.69 points by late morning, unchanged from Tuesday’s finish. Their yield remained unchanged at 3.930 percent.

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