Nikkei Recovers After Morning Losses
TOKYO (AP) _ The key index on the Tokyo Stock Exchange recovered Wednesday afternoon from its morning losses and ended higher, and the dollar inched up against the Japanese yen.
The dollar closed at 154.55 yen, up 0.15 yen from Tuesday’s 154.40-yen finish. It opened at 155.08 yen and ranged between 154.40 yen and 155.08 yen.
The 225-share Nikkei Stock Average regained 49.46 points, or 0.15 percent, ending the day at 32,371.77. The index closed the morning session with a 101.48-point loss before rebounding in the afternoon.
Traders said the index’s afternoon recovery was inspired by large-scale buying from major securities houses, which prompted other participants to buy.
The index in the morning fell because market players were largely discouraged by the yen’s weakness and the index’s drops since Monday, said Tomoyuki Morimoto, a trader with New Japan Securities Co.
The Nikkei fell 670.98 points on Monday and Tuesday together.
In currency dealings, dealers said the dollar fluctuated around 155 yen in mixed trading as institutional investors bought the currency while exporters sold it.
Most market players, however, remained reluctant to make major moves ahead of a series of U.S. economic data to be released this week, they said. Among the announcements are the nation’s retail sales for May, April merchandise trade and May consumer and producer prices.