To: Broken_Clock who wrote (68322 ) 4/27/2001 8:20:39 AM From: long-gone Read Replies (2) | Respond to of 116762 Friday April 27, 7:21 am Eastern Time Dollar Higher, Japan Stocks Down Dollar Higher Against Yen, Japan's Benchmark Stock Index Falls TOKYO (AP) -- The dollar advanced against the yen on Friday, after a top Japanese official suggested he favors a weak yen and following reports that Japan's central bank chief will resign. Japan's benchmark stock index declined. The dollar bought 124.06 yen at 5 p.m. (0800 GMT), up 1.62 yen from late Thursday in Tokyo and also above its late New York level of 123.16 yen overnight. It traded between 123.16 yen and 124.23 yen in Tokyo on Friday. The key 225-issue Nikkei Stock Average fell 38.71 points, or 0.28 percent, to close at 13,934.32. On Thursday, the average closed up 145.53 points, or 1.1 percent. The dollar gained ground after Japan's new Finance Minister Masajuro Shiokawa said early Friday that foreign exchange rates should be ``completely'' decided by market forces suggesting Tokyo wants a weaker yen to lift the economy from its decade long slump. A weaker yen helps an export driven economy such as Japan's by boosting the value of corporate profits earned overseas when those revenues are converted to yen. The yen sank further, after national broadcaster NHK and the national Yomiuri newspaper reported Friday that Masaru Hayami, governor of the Bank of Japan, will step down. Officials at the Bank of Japan could not immediately confirm the reports. The Nikkei index opened higher following an overnight rise on Wall Street, but it turned lower as investors sold technology shares to cash in on the index's three day rise. Broader stock indexes were higher. The Tokyo Stock Price Index of all issues listed on the first section was up 7.17 points, or 0.53 percent, to 1,366.46. The TOPIX closed up 17.89 points, or 1.3 percent, the day before. In other currencies, the euro was traded at 111.62 yen Friday, up from 109.94 yen late Thursday in Tokyo. The yield on the benchmark 10-year Japanese government bond fell to 1.2900 percent from Thursday's finish of 1.3050 percent. Its price rose 0.13 point to 100.95.biz.yahoo.com