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Tokyo Stocks Fall on Profit-Taking

March 20, 2002

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TOKYO (AP) _ Tokyo stocks fell Wednesday morning on profit-taking from the previous day’s sharp gains. The dollar was higher against the yen.

The benchmark 225-issue Nikkei Stock Average lost 179.35 points, or 1.52 percent, to 11,613.47 at the end of morning trading. On Tuesday, the average closed up 294.44 points, or 2.27 percent.

The dollar bought 132.04 yen in late morning trading, up 0.60 yen from late Tuesday in Tokyo but marginally lower than its late New York level of 132.05 yen overnight.

On the stock market, the Nikkei opened higher but quickly fell into red as investors locked in profits in reaction to Tuesday’s rally.

In New York, the Dow Jones industrial average rose 57.50 to 10,635.25 at Tuesday’s close. The Nasdaq composite index closed at 1,880.87, up 3.81.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 9.17 points, or 0.82 percent, to 1,103.62 Wednesday morning. The TOPIX closed up 24.65 points, or 2.27 percent, the day before.

In currency dealings, there was some dollar-buying early in the session after traders judged that there will be no increase in U.S. interest rates for the time being.

Trading as a whole remained light.

On Tuesday, the Federal Reserve left interest rates unchanged for the time being, although it indicated that an increase was possible later this year.

In other currencies, the euro was traded at 115.66 yen, down from 115.86 yen late Tuesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond rose to 1.4650 percent from Tuesday’s finish of 1.4400 percent. Its price fell 0.22 point to 100.30.


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