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Tokyo Stocks Rise

August 16, 1999

TOKYO (AP) _ Big gains on Wall Street boosted Japan’s key stock index Monday, while the U.S. dollar rose marginally against the yen.

The benchmark 225-issue Nikkei Stock Average jumped 321.51 points, or 1.84 percent, to close the morning session at 17,686.63. On Friday, the average finished up 12.20 points, or 0.07 percent.

The dollar bought 115.08 yen at midday, up 0.16 yen from late Friday in Tokyo but below its late New York level of 115.74 yen Friday.

On the stock market, surging share prices in the United States last week and a relatively stable dollar pushed up the Nikkei, analysts said.

On Wall Street, the Dow Jones industrial average picked up 184.26 points Friday to close at 10,973.65.

``I don’t think there are so many negatives at the moment,″ said Tsuyoshi Nomaguchi, a strategist at Daiwa Securities.

``Major Japanese investors will come back to the market this week, and volume will increase,″ he added.

Traders said much of Monday’s buying came from foreign investors.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 19.63 points, or 1.36 percent, to 1,462.12. The TOPIX closed up 4.05 points, or 0.03 percent, on Friday.

In foreign exchange, the dollar was slightly higher against the yen in thin trading as investors awaited the release of U.S. consumer price index data due out Tuesday.

With no major market-moving events scheduled for Monday and many participants still away on summer holidays, trading would probably be limited, dealers said.

In other currencies, the euro was traded at 121.81 yen, down from 122.76 yen late Friday in Tokyo.

The yield on the benchmark No. 214 10-year Japanese government bond rose to 1.9200 percent from Friday’s finish of 1.8550 percent, driving its price down to 98.98 yen from 99.53 yen.

(gp-dj)

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