Tokyo shares closer higher Wednesday, US$ up against yen

  • Business
  • Wednesday, 18 Jun 2003

TOKYO (AP) - Tokyo stocks climbed Wednesday, boosted by moderate gains on Wall Street overnight.  

The U.S. dollar was up against the yen. 

The Nikkei Stock Average of 225 selected issues closed up 59.97 points, or 0.66 percent, at 9,092.97 points. 

The Nikkei climbed 193.17 points, or 2.19 percent, Tuesday - the first time it finished above 9,000 since Dec. 4, when it ended at 9,006.73 points. 

The dollar bought 118.22 at 3 p.m. (0600 GMT) Wednesday, up 0.58 yen from late Tuesday in Tokyo and also above the 118.10 yen it bought later in New York trading. 

On the stock market, the Nikkei extended its gains Wednesday as foreign investors snapped up technology and banking issues, traders said. 

Leading the advance were major exporters, including Sony, Kyocera and Sharp, which benefited from the weakening yen. 

A stronger dollar helps Japanese exporters by boosting the value of their overseas profits when repatriated. It also makes Japanese products seem cheaper abroad. 

Major banks Sumitomo Mitsui Financial Group and Mitsubishi Tokyo Financial Group also ended the day up. 

Overnight in New York, share prices were buoyed by reports of moderate improvement in the U.S. economy. 

The Dow Jones industrial average closed up 4.06, or 0.04 percent, at 9,323.02 on Tuesday. 

The Nasdaq composite index rose 1.86, or 0.1 percent, to 1,668.44. 

In other Tokyo trading Wednesday, the broader Tokyo Stock Price Index rose 8.40 points, or 0.95 percent, at 893.58 points. 

It rose 12.65 points, or 1.45 percent, the day before. 

The euro bought US$1.1786, down from US$1.1836 late Tuesday in Tokyo. Against the yen, the euro bought 139.37 yen, down slightly from 139.38 yen. 

The yield on the benchmark 10-year bond rose to 0.5200 percent, from 0.4700 percent late Tuesday. Its price fell 0.47 to 99.81. - AP 

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