3 October 2002, 10:10  Tokyo stocks down midday, dollar down against yen

TOKYO (AP) -- Tokyo stocks fell Thursday morning amid a pessimistic outlook for the Japanese economy after New York stocks fell overnight. The dollar was down against the yen. The benchmark 225-issue Nikkei Stock Average fell 33.92 points, or 0.37 percent, to 9,015.41 points at midday.
On Wednesday, the Nikkei sank 112.93 points, or 1.23 percent, to 9,049.33, closing at a 19-year low after investors became concerned that clean up Japanese banks' bad loans would result in more corporate bankruptcies. The dollar bought 122.86 yen on the Tokyo foreign exchange market at 11 a.m. Thursday, down 0.17 yen from 123.03 yen in Tokyo Wednesday and lower than 122.94 yen late New York Wednesday.
On Wall Street, the Dow Jones industrial average closed down 183.18, or 2.3 percent, at 7,755.61 as wary investors followed a pattern of locking in profits after a huge rally. The Dow had soared 4.6 percent the day before. Individual shares were mixed in Tokyo. Honda, Kirin Brewery and Japan Telecom were higher, but NEC was lower. Major banks Mitsubishi-Tokyo Financial and Mizuho also fell Thursday morning. The broader Tokyo Stock Price Index was down 1.90 points, or 0.21 percent, at 891.33 midday Thursday. The TOPIX fell 10.14 points, 1.12 percent, to end at 893.23 Wednesday.
The euro traded at 121.17 yen late Thursday morning, higher from 120.95 yen late Wednesday in Tokyo. Against the dollar, the euro was quoted at 98.64 cents, up from 98.27 cents. The yield on the benchmark 10-year government bond fell to 1.1300 midday Thursday from 1.1350 late Wednesday. Its price rose 0.05 to 100.62. //www.nj.com

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