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Dollar Gains Against Yen

February 8, 1988

TOKYO (AP) _ The dollar rose slightly against the Japanese yen, reflecting overseas trends, while trading on the Tokyo Stock Exchange remained listless as the market waited for new U.S. trade figures, dealers said.

The dollar closed at 129.30 yen, up 0.75 yen from Friday’s close, after opening at 129.15 yen. The U.S. currency ranged between 129.00 and 129.38 yen, with spot volume totaling about $5 billion.

″The range in dollar trading was tight as Tokyo customers were interested in both buying and selling,″ said Shunichi Minami of Morgan Stanley’s foreign exchange department. He said Japanese exporters sold the dollar when it climbed above 129.30 yen, preventing the U.S. currency from rallying further.

Dealers attributed the dollar’s rise to its rebound in New York on Friday, prompted by higher-than-expected U.S. Treasury bond prices.

On the Tokyo Stock Exchange, the 225-issue Nikkei Stock Average lost 19.59 points or 0.1 percent to close the day at 23,771.60. The index rose 140.39 points in Saturday’s half day of trading.

Trading in the first section was estimated at a light 430 million shares, compared to Saturday’s half-day volume of about 300 million shares.

Major home construction and retail shares gained, reflecting continued investor confidence in companies connected with domestic demand, traders said.

Dealers said few issues made major gains or losses aside from a few speculative stocks. Traders have said the market is likely to remain colorless until the release of U.S. trade figures for December, due out Friday.

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