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Dollar Higher, Tokyo Stocks Slip

September 7, 1999

TOKYO (AP) _ The U.S. dollar edged higher against the yen Tuesday morning ahead of the release of key Japanese economic data later this week. Japanese stocks fell slightly in light trading.

The dollar bought 109.65 yen, up 0.03 yen from late Monday in Tokyo and also above its late London level of 109.58 yen overnight. Financial markets in New York were closed Monday for the Labor Day holiday.

The benchmark 225-issue Nikkei Stock Average fell 43.73 point, or 0.25 percent, to 17,712.78 at the end of the morning session. On Monday, the average closed up 126.52 points, or 0.72 percent.

In currency dealings, the dollar stayed in a narrow range as dealers looked ahead to the release of Japan’s April-June gross domestic product data on Thursday to see if the country’s nascent economic recovery is continuing.

Japan’s GDP grew 2.0 percent during the first quarter of this year, emerging from a string of negative growth quarters amid its worst economic downturn in 50 years.

In other currencies, the euro was traded at 115.75 yen, down from 116.15 yen late Monday in Tokyo.

On the stock market, many investors remained on the sidelines awaiting market events later this week. September Nikkei futures and options contracts will be settled Friday.

``Many players are taking a breath ahead of GDP and SQ (futures settlement),″ said Kunihiro Hatae, general manager at Tokyo Securities Co.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 10.52 points, or 0.70 percent, to 1,501.56. The TOPIX closed up 15.08 points, or 1.00 percent, the day before.

The yield on the benchmark No. 215 10-year Japanese government bond rose to 1.8250 percent from Monday’s finish of 1.7900 percent, driving its price down to 100.63 yen from 100.93 yen.

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