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Tokyo Stocks Advance, Dollar Rises

May 1, 2002

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TOKYO (AP) _ Tokyo stocks rose moderately Wednesday morning on buying of major technology issues and auto shares after a gain on Wall Street. The dollar was higher against the yen.

The benchmark 225-issue Nikkei Stock Average advanced 75.30 points, or 0.66 percent, to 11,567.84 at the end of the morning session. On Tuesday, the average fell 48.85 points, or 0.42 percent.

The dollar bought 128.42 yen in late morning trading, up 0.46 yen from late Tuesday in Tokyo but below its late New York level of 128.57 yen.

On the stock market, the Nikkei index moved higher on select buying in technology issues, including Kyocera and Sony, and autos, including Honda Motor and Toyota Motor.

Trading, however, remained light as some Japanese companies, especially manufacturing firms, were closed amid annual spring holidays here.

Japanese financial markets will open Thursday, but close Friday, May 3, and Monday, May 6, for national holidays.

In New York, the Dow Jones industrial average rose 126.35 points to 9,946.22 at Tuesday’s close. The Nasdaq composite index ended at 1,688.23, up 31.30.

The broader Tokyo Stock Price Index of all issues listed on the first section of the Tokyo Stock Exchange was up 8.57 points, or 0.79 percent, to 1,090.63 Wednesday morning. The TOPIX fell 5.17 points, or 0.48 percent, the day before.

In currencies, the dollar strengthened slightly against the yen in light trading, carrying over its overnight trend in New York where the greenback was bolstered by a rebounding U.S. stock market.

In other currencies, the euro was traded at 115.64 yen, down from 115.66 yen late Tuesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond fell to 1.3650 percent from Tuesday’s finish of 1.3700 percent. Its price rose 0.05 point to 100.30.

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On the Net:

Tokyo Stock Exchange: http://www.tse.or.jp

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