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Dollar Down, Tokyo Stocks Off

June 29, 1989

TOKYO (AP) _ The U.S. dollar edged down against the Japanese yen Thursday, while the key index on the Tokyo Stock Exchange plunged.

The Nikkei Stock Average of 225 selected issues, a 223.61-point loser the previous day, shed another 289.29 points, or 0.87 percent, ending the day’s trading at 32,956.31.

The dollar ended at 142.90 yen, down 0.65 yen from Wednesday’s close of 143.55 yen. The currency opened at 143.15 yen and ranged between 142.85 yen and 143.38 yen.

Naoto Kawamura, a senior dealer with the Bank of Tokyo, said the dollar met ″profit-taking selling during early trading, with some investors trying to cut their long-dollar postions.″

Kawamura, however, said there were fewer investors to buy the yen because of political uncertainty in Japan.

On Wednesday, major Japanese newspapers reported that Prime Minister Sousuke Uno had expressed his desire to resign over reports that a new sex scandal involving Uno may be carried in a magazine later his week. Uno, in office less than a month, denied any intention to resign.

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