Stocks Fall Back Moderately, Dollar Firms
TOKYO (AP) _ Share prices on the Tokyo Stock Exchange fell back moderately Thursday, while the dollar firmed against the Japanese yen.
The dollar closed at 127.53 yen, up 0.23 yen from Wednesday’s finish. It opened at 127.55 yen and ranged between 127.50 yen and 127.60 yen.
The 225-issue Nikkei Stock Average finished at 15,926.44, down 57.20 points or 0.36 percent. On Wednesday, the benchmark index gained 291.05 points, or 1.85 percent.
The Tokyo Stock Price Index of all issues listed on the first section fell 6.02 points, or 0.50 percent, to 1,207.32. The TOPIX gained 13.17 points, or 1.10 percent, the previous day.
Stock traders said share prices had been higher on small-lot buying early in the session, carrying over from Wednesday’s rally, but fell back on index- linked selling following weakening of futures prices.
But Kenzo Doi, an analyst with Kokusai Securities, said a sharp falloff was not likely. He said trading would be quiet ahead of the announcement later this month of a set of economic measures to prop up the economy.
On the foreign exchange, the dollar was hit by large-lot selling soon after the opening but soon found support with buying orders, said Koji Yoshimi, a dealer with Tokai Bank.
Dollar trading will be probably be slow prior to the release Friday of U.S. unemployment figures for July, Yoshimi said.
The benchmark No. 129 10-year Japanese government bonds fell to 107.63 points from Wednesday’s 108.05 points. Their yield rose to 5.010 percent from 4.940 percent.