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Tokyo Stocks Fall

July 4, 2002

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TOKYO (AP) _ Tokyo stocks slipped in early trading Thursday on profit-taking after the previous day’s rally. The dollar was lower against the yen.

The benchmark 225-issue Nikkei Stock Average lost 59.96 points, or 0.55 percent, to 10,752.34 at the open. On Wednesday, the average rose 189.98 points, or 1.79 percent.

The dollar bought 119.92 yen at 9 a.m. (0000 GMT) Thursday, down 0.48 yen from late Wednesday and marginally below its late New York level of 119.93 yen.

On the stock market, the Nikkei met some mild profit-taking as investors locked in Wednesday’s gains.

In New York, the Dow Jones industrial average rose 47.22 to 9,054.97 at Wednesday’s close. The Nasdaq composite index ended at 1,380.17, up 22.35.

The broader Tokyo Stock Price Index of all issues listed on the first section of the Tokyo Stock Exchange shed 2.54 points, or 0.24 percent, to 1,041.67 early Thursday. The TOPIX rose 15.16 points, or 1.47 percent, the day before.

In currencies, the dollar moved in a narrow range amid a lack of fresh market-moving news.

In a rare reference to the exchange rate, Prime Minister Junichiro Koizumi told Parliament on Wednesday that Japanese monetary authorities are ready to intervene in foreign exchange markets to temper the yen’s sharp rise against the greenback.

Japanese officials worry that a stronger yen will harm the country’s budding economic recovery recently supported by brisk exports.

In other currencies, the euro was traded at 117.56 yen, down from 118.12 yen late Wednesday in Tokyo.

Against the dollar, the euro was quoted at 98.02 U.S. cents, up slightly from 98.00 cents in late New York trading.

The yield on the benchmark 10-year Japanese government bond stood at 1.3200 percent, unchanged from Wednesday’s finish. Its price remained at 99.82.


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