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Tokyo Stocks Fall

April 11, 2000

TOKYO (AP) _ Tokyo stocks slipped early Tuesday following an overnight decline in technology issues on Wall Street. The U.S. dollar was higher against the yen.

The benchmark 225-issue Nikkei Stock Average shed 16.51 points, or 0.08 percent, to 20,602.55 in the first 30 minutes of trading. On Monday, the average closed up 366.25 points, or 1.81 percent.

The dollar bought 106.42 yen, up 0.36 yen from late Monday in Tokyo but below its late New York level of 106.47 yen overnight.

On the stock market, the Nikkei opened lower, with technology stocks initially pulling back after sharp losses on the U.S. Nasdaq market overnight.

After an initial sell-off, broad buying and a stabilizing technology sector helped the average recoup some losses.

``As we expected, Nasdaq losses led to initial selling in Japanese technology stocks,″ said Hidenori Karaki, general manager of equities at Tokyo-Mitsubishi Personal Securities.

In New York, the Nasdaq composite index fell 258.25 to 4,188.20, its second largest point drop. The Dow Jones industrial average rose 75.08 to 11,186.56 at Monday’s close.

Also in Tokyo, the broader Tokyo Stock Price Index of all issues listed on the first section was down 5.87 points, or 0.34 percent, to 1,710.87. The TOPIX closed up 39.12 points, or 2.33 percent, the day before.

In currency dealings, the dollar moved slightly higher in slow trading as investors grew cautious ahead of a weekend meeting of Group of Seven finance officials.

Finance ministers and central bankers from the G-7 _ the United States, Japan, Britain, France, Italy, Canada and Germany - will gather in Washington.

In other currencies, the euro was traded at 102.40 yen, up from 101.50 yen late Monday in Tokyo.

The yield on the benchmark 10-year Japanese government bond fell to 1.7300 percent from Monday’s finish of 1.7350 percent. Its price rose 0.05 point to 101.47.


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