Dollar Falls, Stocks Up
TOKYO (AP) _ The dollar slipped against the Japanese yen in Tokyo Friday, while stock prices rose slightly on the Tokyo Stock Exchange.
The dollar opened at 126.55 yen and stayed in a range of 126.20-126.75 yen in lackluster trading. The currency finished Friday’s trading at 126.40 yen, down 0.75 yen from Thursday’s close of 127.15 yen.
On the Tokyo Stock Exchange, the Nikkei Stock Average of 225 selected issues gained 10.87 points, or 0.04 percent, to close at 27,401.42.
Dealers said the dollar’s losses in Tokyo reflected its declines in New York and London overnight. They said the decline in oil prices and doubt over the Organization of Petroleum Exporting Countries’ ability to agree on production limits also added to the dollar’s downward trend.
Securities dealers attributed the strong performance of shares on the Tokyo Stock Exchange to the 43.92-point gain in the Dow Jones industrial average in New York overnight and the sense of relief felt by market participants after the first anniversary of the worldwide market crash that occurred on Oct. 19, 1987.
″The market finally got rid of the pressure after the crash anniversary passed peacefully,″ said Mike Morizumi of Merrill Lynch in Tokyo.
But analysts said uncertainty caused by Emperor Hirohito’s illness was still hurting the market.