10 September 2002, 09:56  Stocks end morning higher, dollar lower against yen

TOKYO -- Tokyo stocks closed morning trading higher Tuesday, following the upswing on Wall Street. The dollar fell slightly against the yen. The benchmark 225-issue Nikkei Stock Average ended the morning up 110.98 points, or 1.19 percent, at 9,417.24 points Tuesday. The Nikkei rose 177.19 points, or 1.94 percent, to close at 9,306.26 points Monday. The U.S. dollar was trading at 118.64 yen on the Tokyo foreign exchange market at 11 a.m. (0200 GMT) Tuesday, down 0.08 from late Monday. In New York, investors smarting from last week's sharp Wall Street decline shopped for bargains Monday, sending stocks higher despite concerns about the upcoming anniversary of the Sept. 11 attacks. The Dow Jones industrial average rose 92.18, or 1.1 percent, to 8,519.38 after falling 2.7 percent last week. Broader U.S. indicators were also higher. The Nasdaq composite index rose 9.30, or 0.72 percent, to 1,304.60 after last week's 1.5 percent decline.
The broader Tokyo Stock Price Index closed the morning up 12.50 points, or 1.38 percent, at 920.35 Tuesday. The TOPIX finished up 13.52 points, or 1.51 percent, at 907.85 Monday. Advancers included automakers such as Toyota, Honda and Isuzu, and banks including Mizuho Holdings and UFJ. Traders said expectations of the injection of public funds into the stock market as part of an economic stimulus package to be finalized later this month would also likely boost stocks Tuesday and help the market recover from 19-year lows hit last week.
The euro traded at 116.34 yen late Tuesday morning, up from 116.26 yen in late afternoon trading Monday in Tokyo. Against the dollar, the euro was quoted at 98.14 cents, up from 97.92 cents. The yield on the benchmark 10-year government bond was 1.1050 percent late Tuesday morning, down from 1.1250 percent at its Monday close. Its price was up 0.18 at 101.75. //www.nj.com

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