Tokyo Stocks End Higher, Dollar Up on Yen
The Associated Press
Tuesday, February 17, 2004; 7:21 AM
TOKYO - Tokyo stocks rebounded Tuesday as investors bought technology issues on hopes for strong Japanese economic growth data. The U.S. dollar rose against the Japanese yen.
The Nikkei Stock Average of 225 issues closed up 152.41 points, or 1.44 percent, at 10,701.13 points. On Monday, the index slipped 8.97 points, or 0.08 percent.
The dollar was trading at 105.64 yen by late afternoon Tuesday, up 0.14 yen from Monday in Tokyo and above the 105.40 yen it bought in European trading. U.S. financial markets were closed Monday for Presidents' Day.
On the stock market, share prices were lifted by mounting hopes that Japanese gross domestic product data scheduled for release Wednesday will be encouraging. Economists are forecasting the October-December data will show the world's second-largest economy grew 1.2 percent from the July-September quarter or 4.9 percent in annualized terms.
Blue-chip technology issues including Advantest, Canon and Tokyo Electron paced gains Tuesday, reflecting a "shift" toward hopes for an economic upturn and improved corporate earnings, said Hiroshi Sato, general manager at Cosmo Securities.
Gains by the dollar against the yen during afternoon trading also encouraged buying of export-related shares.
The main index of all issues on the Tokyo Stock Exchange's First Section rose 9.59 points, or 0.92 percent, to close at 1,054.61 points. The index gained 3.99 points, or 0.38 percent, on Monday.
An estimated 1.24 billion shares changed hands, up from 1.05 billion Monday.
Rising stocks outpaced decliners 971 to 427, with 129 issues closing unchanged.
On the currency market, the dollar fluctuated between 105.44 yen and 106.02 yen in Tokyo dealing.
The euro traded at $1.2827 late Tuesday in Tokyo, up from $1.2754 Monday. Against the yen, the European currency was quoted at 135.50 yen, up from 134.50 yen.
The yield on Japan's benchmark 10-year government bond rose to 1.2700 percent from 1.2500 percent late Monday. Its price fell 0.17 to 100.26 points.
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