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Stocks At Record High, Dollar Gains

November 14, 1989

TOKYO (AP) _ The Tokyo Stock Exchange’s key index recovered from an early setback and ended at a record high today, while the dollar closed marginally higher against the Japanese yen.

The 225-issue Nikkei Stock Average gained a marginal 18.52 points, or 0.05 percent, ending at 35,768.64. It was yet another high.

″The index made nervous ups and downs during trading, because participants failed to determine the market direction,″ said Masaya Hashizume, a dealer with Nikko Securities Co.

He said investors changed their buying targets from one issue to another, contributing to nervous fluctuations in the index.

″That’s partly because many investors have been unsure about external factors including foreign exchange and interest rates,″ he said.

Market players bought issues such as steels and electric power plants toward the end of the afternoon session, helping the index recover, Hashizume said.

An estimated 900 million shares changed hands today, up from Monday’s 750 million.

The dollar closed unchanged from its opening at 143.80 yen, up 0.25 yen from Monday’s close of 143.55 yen. The currency ranged between 143.60 yen and 143.85 yen.

″The dollar-yen rate stayed almost the same all day,″ a trader with Mitsubishi Bank in Tokyo said on condition of anonymity.

After opening higher following a similar upswing in New York, the dollar fluctuated narrowly as investors sold and bought for profit-taking and position adjustments, he said.

In earlier trading, the dollar fell as securities firms and foreign banks sold the currency for profit-taking, but it recovered in the afternoon as trading houses bought it, he said.

″At any rate, the currency would not move much prior to the auction of the U.S. government bonds and releases of a series of economic indicators this week,″ the trader said.

The United States is to announce the nation’s major economic indicators including the retail price index due out later today and revised trade figures for September, slated for Thursday.

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