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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (107786)	6/7/2000 1:02:00 AM
From: 2MAR$	Read Replies (1) \| Respond to of 108040

Tokyo Stocks Edge Higher...mid-day TOKYO, Jun 07, 2000 (AP Online via COMTEX) -- The dollar was lower against the yen Wednesday morning amid expectations that Japan's economic recovery is picking up. Tokyo stocks edged higher. The dollar bought 106.05 yen in late morning, down 1.03 yen from late Tuesday in Tokyo but above its late New York level of 105.69 yen. The benchmark 225-issue Nikkei Stock Average gained 17.62 points, or 0.10 percent, to 17,187.70 points at the end of the morning session. On Tuesday, the average closed down 31.71 points, or 0.18 percent. In currency dealings, the dollar weakened on the view that Japan would report a turnaround in economic growth later this week. The Finance Ministry will release Japan's gross domestic product figures for the January-March quarter on Friday. Investors have been hoping that the data will show an expansion in the nation's economy. Also affecting the greenback were emerging signs of a slowdown in the U.S. economy, diminishing the likelihood of further interest rate increases anytime soon. Japan's vice finance minister for international affairs, Haruhiko Kuroda, told reporters Wednesday morning that the yen's recent strengthening against the greenback is not desirable for Japan's economy, which is now struggling to recover from its worst slowdown in 50 years. Kuroda said Japan is ready to intervene in currency markets to stem the yen's rapid rise against the dollar if necessary. In other currencies, the euro was traded at 101.24 yen, down from 101.42 yen late Tuesday in Tokyo. On the stock market, prices opened slightly lower after U.S. stocks fell on Wall Street on Tuesday. But the Tokyo market moved into positive territory in the late morning as investors bought some discounted stocks, traders said. In New York, the Dow Jones industrial average fell 79.73 points to 10,735.57 points at Tuesday's close. The Nasdaq composite index lost 65.39 points to close at 3,756.37. The broader Tokyo Stock Price Index of all issues listed on the first section was up 1.39 points, or 0.09 percent, to 1,590.05 points. The TOPIX closed down 6.78 points, or 0.42 percent, the day before. The yield on the benchmark 10-year Japanese government bond stood at 1.7500 percent, unchanged from Tuesday's finish. Its price remained unchanged at 99.58. --- On the Net: Tokyo Stock Exchange: tse.or.jp./ Copyright 2000 Associated Press, All rights reserved -0- APO Priority=r APO Category=1310 KEYWORD: TOKYO SUBJECT CODE: 1310 * end of story *