Dollar Dips, Stocks Surge
TOKYO (AP) _ The dollar declined slightly against the Japanese yen today, while the Tokyo Stock Exchange’s key index closed higher.
After opening at 151.65 yen, the dollar slipped to 150.70 at the close, down 0.25 yen from Friday’s close of 150.95 yen. It ranged between 150.67 yen and 151.70 yen.
On the stock market, the Nikkei Stock Average of 225 selected issues gained 93.16 points, or 0.29 percent, closing at 32,538.28. The index had gained 93.45 points Friday.
Volume on the first section was estimated at 400 million shares, down from 462 million shares Friday.
Declining issues narrowly outnumbered gainers 476 to 468, while 178 issues remained unchanged.
Dealers said the dollar opened higher and was bought in early trading because U.S. employment figures reported Friday were a little better than expected.
″But it moved lower, with many traders expecting U.S. interest rates to ease, after it was reported that U.S. Treasury Undersecretary (David) Mulford has welcomed the yen’s recent recovery,″ said Kohei Kuroda of Sumitomo Bank.
Stock dealers said market activity was slow due to a lack of fresh news, and profit-taking checked gains throughout the day.
In bond dealings, the price of the benchmark No. 119 10-year Japanese government bonds rose to 87.05 points as of 5 p.m. from Friday’s close of 87.01. The yield stood at 7.180 percent, down from the previous trading day’s 7.190 percent.