Dollar Up Slightly, Nikkei Down
TOKYO (AP) _ The dollar strengthened slightly against the Japanese yen Friday, while share prices on the Tokyo Stock Exchange lost moderately.
The dollar closed the week at 158.42 yen, up 0.42 yen from Thursday’s close of 158.00 yen. After opening at 158.27 yen, the currency ranged between 158.22 yen and 158.48 yen.
The Nikkei Stock Average of 225 selected issues fell 409.28 points, or 1.38 percent, closing at 29,213.92. The Nikkei index gained 182.92 points Thursday.
In the bond market, the price of benchmark No. 119 Japanese government bonds slipped 0.26 points to 86.04 as of 3:00 p.m., down from Thursday’s close of 86.30. Their yield rose to 7.350 percent from the previous day’s 7.295 percent.
Kazuhiro Nomura, a trader with New Japan Securities Co., attributed the Nikkei index’s fall to index-linked arbitrage selling after Thursday’s gains. Such arbitrage trading attempts to take profits from differences between stocks and stock index futures.