Tokyo Stocks Rise Moderately
TOKYO (AP) _ The dollar fell against the Japanese yen early Tuesday as investors awaited the appointment of Prime Minister Ryutaro Hashimoto’s successor. Tokyo stock prices rose moderately.
In early trading, the dollar bought 141.32 yen, down 1.10 yen from late Monday and also below its late New York level of 141.42 yen.
The yen rose on expectations that the Liberal Democratic Party’s election loss Sunday and Hashimoto’s subsequent resignation could force the party to take more drastic measures to shore up Japan’s flagging economy.
But dollar-yen trading is likely to stay within a narrow range until Hashimoto’s successor is named.
Hashimoto announced his resignation Monday to take responsibility for his party’s major defeat in the weekend election for Parliament’s upper house.
The yen intially plummeted on news early Monday that he was likely to quit, but stabilized later in the day.
Stock trading was quiet amid uncertainty over who will succeed Hashimoto.
The Nikkei Stock Average rose 46.15 points, or 0.28 percent, to 16,406.54 after the first hour of morning trading. On Monday, the index had gained 270.33 points, or 1.68 percent.
The broader Tokyo Stock Price Index of all issues listed on the first section was up 4.06 points, or 0.32 percent, to 1,260.20. The TOPIX gained 14.94 points, or 1.20 percent, the previous day.
The yield on the 10-year Japanese government bond rose to 1.445 percent from Monday’s finish of 1.415 percent, driving its price down to 110.11 from 110.33.