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Tokyo Stocks Open Higher

August 22, 2003

TOKYO (AP) _ Tokyo stocks opened up Friday following an advance on Wall Street overnight. The U.S. dollar was lower against the Japanese yen.

The Nikkei Stock Average of 225 selected issues on the Tokyo Stock Exchange was up 11.53 points, or 0.11 percent, at 10,374.22. On Thursday, the index rose 70.63 points, or 0.69 percent.

The dollar was trading at 117.82 yen on the Tokyo foreign exchange market at 9 a.m.Friday, down 0.20 yen from late Thursday in Tokyo but above the 117.74 yen it bought in New York later that day.

On the stock market, traders said bank and steel stocks were up in early trading.Technology stocks were narrowly mixed.

Profit-taking was expected to cut into some of those gains later in the day.

The broader Tokyo Stock Price Index opened up 2.81 points, or 0.28 percent, at 1,012.39. The TOPIX, which includes more than 1,000 of Japan’s largest companies, gained 8.50 points, or 0.85 percent, the day before.

In New York, a trio of upbeat economic reports ranging from jobless claims to regional manufacturing cheered Wall Street Thursday.

The Dow Jones industrial average closed up 26.17, or 0.3 percent, at 9,423.68. The Nasdaq advanced 17.01, or 1 percent, to 1,777.55.

In other currencies, the euro was lower against the dollar and yen in Tokyo. It bought $1.0928 early Friday, down from $1.1005 Thursday. Against the yen, the euro was at 128.82 yen, down from 129.88 yen Thursday.

The yield on the benchmark 10-year bond was unquoted early Friday. On Thursday, it closed at 1.3400 percent and was priced at 97.05.

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On the Net:

Japan’s Tokyo Stock Exchange: http://www.tse.or.jp

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