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Dollar, Stocks End Lower

January 6, 1993

TOKYO (AP) _ Prices on the Tokyo Stock Exchange fell Wednesday, while the dollar slipped against the yen.

The 225-issue Nikkei Stock Average lost 59.70 points, or 0.35 percent, to end at 16,782.88. The average shed 151.50 points, or 0.89 percent, on Tuesday.

The Tokyo Stock Price Index of all issues listed on the first section was down 6.26 points, or 0.48 percent, to 1,291.87. On Wednesday, the broader TOPIX was down 7.68 points, or 0.59 percent.

The stock market remained lackluster in the absence of new incentives to inspire trading, with market participants expecting little movement through Friday’s special quotation on January options, traders said.

Public pension funds, widely seen as the market’s only support in recent tradings, made only a brief appearance in the beginning. Isao Takahashi, senior manager of Japanese equity sales with James Capel Pacific Ltd., said public pension fund managers appear to be lowering their buying targets due to the market’s continuing weakness.

On the foreign exchange market, the dollar closed at 124.84 yen, down 0.41 yen from Tuesday.

After finishing overnight trading at 124.85 yen in New York, the dollar opened here at 124.87 yen and ranged between 124.80 yen and 124.93 yen.

The dollar moved little as investors looked for incentives in the German central bank’s board meeting slated for Thursday, as well as Friday’s release of U.S. unemployment figures for December, said Takayuki Togawa, a dealer with Tokai Bank.

The price of benchmark No. 145 10-year Japanese government bonds stood higher at 106.59 points from Tuesday’s 106.45-point close. Their price fell to 4.485 percent from 4.505 percent.

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