Stocks Fall, Dollar Firms
TOKYO (AP) _ Share prices on the Tokyo Stock Exchange fell moderately in Thursday morning trading, while the dollar firmed against the Japanese yen.
The 225-issue Nikkei Stock Average was down 86.91 points, or 0.54 percent, closing the morning session at 15,896.73. On Wednesday, the average rose 291.05 points, or 1.85 percent.
The Tokyo Stock Price Index of all issues listed on the first section fell 4.14 points, or 0.34 percent, to 1,209.20. The TOPIX gained 13.17 points, or 1.10 percent, the previous day.
Stock traders said share prices were higher on small-lot buying early in the session, carrying over from Wednesday’s rally, but fell back on index- linked selling spurred by weaker futures prices.
But Kenzo Doi, an analyst with Kokusai Securities, said he did not believe the market would continue to fall as sharply.
Doi said many investors refrained from trading ahead of the government’s release of economic measures later this month to prop up the sagging economy.
On the foreign exchange, the dollar was trading at 127.53 yen at late morning, up 0.23 yen from Wednesday’s close. It opened at 127.55 yen after finishing its overnight New York trading at 127.50 yen.
Koji Yoshimi, a dealer with Tokai Bank, said the dollar was hurt by selling early in the session but later strengthened as traders began buying dollars at around 127.50 yen.
The dollar’s activity was expected to be slow prior to the release of U.S. unemployment figures for July, set for release on Friday, Yoshimi said.
By late morning, the benchmark No. 129 10-year Japanese government bonds fell to 107.72 points from Wednesday’s 108.05 points. Their yield rose to 4.995 percent from 4.940 percent.