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To: Gersh Avery who wrote (52190)	9/11/1998 4:29:00 AM
From: flickerful	Respond to of 58727

Japanese Stock Prices Close Lower By KOZO MIZOGUCHI Associated Press Writer TOKYO (AP) -- Japanese stock prices took their biggest plunge of the year Friday, shedding more than five percent amid concerns over Wall Street's steep decline and Japan's domestic economic woes. The dollar tumbled against the yen. The 225-issue Nikkei Stock Average plummeted 749.05 points, or 5.12 percent, closing at 13,916.98. It was the largest single-day point fall this year, and the close was just above the Nikkei's 12-year closing low of 13,915.63 set on Aug. 28. Friday's fall in the main index, which had declined 89.51 points, or 0.61 percent, on Thursday, was sparked by the overnight rout in New York which renewed concerns over the global economy, traders said. In New York Thursday, the Dow Jones industrial average tumbled 249.48 points to 7,615.54, its sixth-worst point loss, amid earnings worries and fears that U.S. President Bill Clinton may be forced to resign or be impeached. Tokyo investors were also concerned by the plunge in stock prices across Latin America, traders said. The Brazilian market Thursday posted its steepest fall in one session since 1990, with the Sao Paulo Stock Exchange's Bovespa Index losing 15.8 percent. "The Tokyo market is being affected by the fall in stock markets around the world," said Yasuo Ueki, general manager at Nikko Securities Co. Adding to the nation's economic malaise, Japan's central bank said in its monthly report, released Friday, that economic conditions continue to deteriorate. The report said that weak consumption is pushing down wholesale prices. Some selling early in the session was related to Friday's settlement of September futures and options, traders said. Stock prices can swing wildly as large investors adjust or eliminate their futures and options positions. The broader Tokyo Stock Price Index of all issues listed on the first section was down 38.43 points, or 3.46 percent, to 1,071.48. The TOPIX closed down 6.10 points, or 0.55 percent, the previous day. In foreign exchange trading, concerns over the U.S. economy and Clinton's escalating problems weighed heavily on the dollar, traders said. The dollar bought 131.22 yen in mid-afternoon trading, down 4.48 yen from late Thursday in Tokyo also below its late New York level of 134.23 yen overnight. Meanwhile, the yield on the No. 182 10-year Japanese government bond fell to 0.805 percent from Thursday's finish of 0.840 percent, driving its price up to 114.53 yen from 114.27 yen. AP-NY-09-11-98 0313EDT<<p> Copyright c Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. 09/11