Tokyo stocks close higher Wednesday.


  • Business
  • Wednesday, 21 Jul 2004

TOKYO (AP) - Tokyo stocks closed up Wednesday, led by a recovery in U.S. technology stocks overnight on Wall Street. 

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

The Nikkei Stock Average of 225 issues ended up 175.49 points, or 1.56 percent, at 11,433.86 points Wednesday. 

On Tuesday, the benchmark index fell 177.63 points, or 1.55 percent. 

The dollar was quoted at 108.66 yen at 3 p.m. (0600 GMT) Wednesday, up 0.22 yen from late Tuesday in Tokyo and also above the 108.64 yen it bought in New York later that day. 

On the stock market, a bullish assessment of the U.S. economy by U.S. Federal Reserve Chairman Alan Greenspan overnight helped get local stocks off to a strong start. 

Gains by technology stocks, in particular, gave momentum to the market. 

Chipmakers Advantest and Tokyo Electron, and other tech-related issues, like Kyocera and Sony, led the advance Wednesday. 

Retail issues, including Aeon, and beverage makers Asahi Breweries and Kirin Breweries, were also bought thanks to hot weather as temperatures hovered around record highs in Tokyo. 

Investors, however, were wary of placing aggressive bets before major technology firms, including Sony, begin reporting their April-June results next week. 

The broader index of all issues on the Tokyo Stock Exchange's first section gained 14.23 points, or 1.25 percent, to 1,153.76 points. 

The TOPIX fell 11.63 points, or 1.01 percent, on Tuesday. 

In New York Tuesday, Greenspan forecast continuing economic growth and controlled inflation for the U.S. economy. 

The Dow Jones industrial average rose 55.01, or 0.6 percent, to 10,149.07.  

The tech-heavy Nasdaq composite index advanced 33.24, or 1.8 percent, to 1,917.07. 

In currencies, the euro slipped to US$1.2316 Wednesday afternoon in Tokyo from US$1.2442 late Tuesday. 

Against the yen, the euro fell to 133.91 yen from 134.78 yen. 

In the bond market, the yield on Japan's benchmark 10-year government bond rose 1.7750 from 1.7500 late Tuesday. 

Its price slipped 0.21 point to 100.21. - AP

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