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Dollar Flat, Stock Prices Rise To New High

March 31, 1989

TOKYO (AP) _ The U.S. dollar remained little changed against the Japanese yen after opening lower Friday morning, while stock prices rose to a new high on the Tokyo Stock Exchange.

After opening at 132.05 yen, down 0.75 yen from Thursday’s close of 132.80 yen, the dollar moved in a narrow range of 131.95-132.33 yen. It was changing hands at 132.23 yen at late morning.

The Nikkei Stock Average of 225 slected issues, which gained 88.85 points for a record 32,826.13 points Thursday, added another 137.58 points, or 0.41 percent, to end the morning session at 32,963.71, yet another high.

The market’s key index started higher, after hitting a record high for the past three consecutive days of trading because of a weakening U.S. dollar.

In currency markets, the dollar’s low opening and its subsequent tight trading range followed the U.S. Federal Reserve Board’s round of multiple dollar-selling interventions overnight in New York in an attempt to brake the dollar’s climb, traders said.

At a regular news conference after a Cabinet meeting Friday morning, Japan’s finance minister, Tatsuo Murayama, said he was pleased by the dollar’s decline to the 131-132 yen range.

Earlier this week, when the dollar had surged above the 133 yen level, Murayama said that exchange rate must be ″looked at with caution.″

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