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Japan Stocks Fall in Early Trading

November 2, 2000

TOKYO (AP) _ Japan’s benchmark stock index slipped early Thursday as investors took profits following a decline on Wall Street. The dollar fell against the yen.

The benchmark 225-issue Nikkei Stock Average dropped 78.72 points, or 0.53 percent, to 14,793.67 in the first 30 minutes of trading. On Wednesday, the average closed up 332.79 points, or 2.29 percent.

The dollar bought 108.28 yen, down 0.28 yen from late Wednesday in Tokyo but above its level of 108.23 Japanese yen in late New York trading.

On the stock market, the blue-chip Nikkei started lower as investors eyed signs a rally by U.S. stocks may have run its course.

In New York trading on Wednesday, profit taking weighed on major indexes. The tech-heavy Nasdaq composite fell 36.24 points, or 1.1 percent, to 3,333.39. The Dow Jones industrial average slipped 71.67, or 0.6 percent, to 10,899.47.

The broader Tokyo Stock Price Index of all issues listed on the first section fell 8.30 points, or 0.59 percent, to 1,410.15 in early trading. The TOPIX ended up 38.49 points, or 2.79 percent, on Wednesday.

In currency dealings, the dollar slipped against the yen, pushed down by Wednesday’s release of U.S. manufacturing data indicating an economic downturn.

In other currencies, the euro was traded at 93.08 yen, up from 91.39 yen late Monday in Tokyo.

The yield on the benchmark 10-year Japanese government bond was quoted at 1.84 percent, unchanged from Wednesday’s finish. Its price remained at 100.59 points.

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On the Net: Tokyo Stock Exchange: http://www.tse.or.jp

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