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Tokyo Stocks Rally

February 21, 2002

TOKYO (AP) _ Stocks advanced sharply Thursday morning, led by buying of technology issues on the heels of a rally on Wall Street. The dollar was higher against the yen.

The benchmark 225-issue Nikkei Stock Average rose 240.80 points, or 2.451 percent, to 10,074.93 at the end of morning trading. On Wednesday, the average fell 13.03 points, or 0.13 percent.

The dollar bought 133.82 yen in late morning trading, up 0.71 yen from late Wednesday in Tokyo and above its late New York level of 133.72 yen.

On the stock market, the Nikkei’s morning rally was led by technology issues. Gainers also included telecommunication stocks and banking shares.

In New York, the Dow Jones industrial average climbed 196.03 to 9,941.17 at Wednesday’s close. The Nasdaq composite index finished at 1,775.57, up 24.96.

The broader Tokyo Stock Price Index of all issues listed on the first section of the Tokyo Stock Exchange was up 16.42 points, or 1.72 percent, to 973.33 Thursday morning. The TOPIX closed down 3.05 points, or 0.31 percent, the day before.

In currency dealings, the dollar strengthened against the yen following Wall Street’s sharp rebound overnight.

Also supporting the dollar was the market view that the Bank of Japan may decide to further ease its already near zero-interest rate policy at a policy-board meeting, slated for Feb. 28.

Lower interest rates tend to make a country’s currency less attractive to investors.

In other currencies, the euro was traded at 116.49 yen, down from 116.69 yen late Wednesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond rose to 1.5400 percent from Wednesday’s finish of 1.5250 percent. Its price fell 0.13 point to 99.65.


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Tokyo Stock Exchange: http://www.tse.or.jp

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