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Tokyo Stock Prices Rise

May 30, 2000

TOKYO (AP) _ Tokyo stocks advanced Tuesday morning on selective buying of shares in companies reporting boosted earnings results. The U.S. dollar slipped against the yen.

The benchmark 225-issue Nikkei Stock Average gained 122.17 points, or 0.75 percent, to 16,367.61 at the end of the morning session. On Monday, the average closed up 237.30 points, or 1.46 percent.

The dollar bought 106.88 yen at late morning, down 0.10 yen from late Monday in Tokyo. U.S. markets were closed Monday for the Memorial Day holiday.

On the stock market, investors bought shares of companies that have recently reported healthy earnings results for Japan’s last fiscal year ended March 31.

Shares in most major brokerage firms, such as Nomura Securities, and some automakers including Toyota Motor rose.

But trades were expected to remain thin for the rest of Tuesday’s trading, as participants expressed reluctance to actively take new positions without new direction from the U.S. stock market.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 11.03 points, or 0.72 percent, to 1,536.03. The TOPIX closed up 6.22 points, or 0.41 percent, the day before.

In currency dealings, the dollar stayed in a narrow range in early Tokyo trading as many investors were holding back after U.S. and London markets were closed Monday for national holidays.

Traders said the market reacted little to the release of Japan’s unemployment rate for April, which stood at 4.8 percent, lower than the record 4.9 percent in February and March.

In other currencies, the euro was traded at 98.93 yen, down from 99.24 yen late Monday in Tokyo.

The yield on the benchmark 10-year Japanese government bond rose to 1.7000 percent from Monday’s finish of 1.6700 percent. Its price fell 0.25 point to 100.00.

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