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Stock Prices Bounce Back, Dollar Mixed

November 8, 1991

TOKYO (AP) _ Share prices on the Tokyo Stock Exchange rose in morning trading Friday, while the dollar moved slightly against the yen by late morning.

The 225-issue Nikkei Stock Average gained 169.83 points, or 0.69 percent, closing the morning session at 24,616.59. On Thursday, the average fell 303.44 points, or 1.23 percent, closing at 24,446.76.

The Tokyo Stock Price Index of all issues stood at 1,853.87 points, up 3.46 points, or 0.18 percent, from Thursday’s close. The TOPIX fell 14.58 points, or 0.78 percent, on Thursday.

By late morning, the dollar was changing hands at 130.25 yen, compared with its opening at 130.34 yen. In New York overnight, the dollar ended at 129.865.

The benchmark No. 129 10-year Japanese government bonds rose to 102.64 points by late morning, from Thursday’s 102.53-point close. Their yield fell to 5.925 percent from 5.945 percent.

Stock traders said the Nikkei average’s rebound came in reaction to its sharp drop in the last few minutes of Thursday’s trading, the last trading day for November stock options.

Kunihiko Hitomi, an analyst with Wako Securities, said overall market sentiment remained weak as investors waited for fresh news.

In currency trading, the dollar remained mixed just above the 130 yen level after it was pushed back from 130.45 yen, the morning high, said Reiko Nagai of Tokai Bank.

″The dollar rate is now sort of sandwiched between buying demand below the 130 yen level and selling pressure toward the 131-yen level,″ said Makoto Aratake, a dealer with the Bank of Tokyo.

Aratake said the yen’s strength in cross-trading involving European currencies, especially the German mark, was preventing the dollar from rising further.

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