11 June 2003, 08:22  Tokyo shares open higher, dollar lower against yen

/www.fxserver.com/ TOKYO (AP) -- Tokyo stocks opened higher Wednesday while investors digested a pair of economic reports. The dollar was lower against the yen. The Nikkei Stock Average of 225 selected issues opened up 45.37 points, or 0.51 percent, at 8,834.46. On Tuesday the Nikkei fell 33.64 points, or 0.38 percent. The dollar was trading at 117.78 yen at 9 a.m., down 0.42 yen from 118.20 late Tuesday in Tokyo but above the 117.68 yen it bought late in New York. On the market, the Nikkei started the session in positive territory after the government announced that Japan's current account surplus rose in April for the first time in two months, and slightly revised up its economic growth data for the January-March quarter to 0.1 percent from zero. Investors also got encouragement from Tuesday's trading on Wall Street, where the Dow Jones industrials rose 0.8 percent and the technology heavy Nasdaq composite index gained 1.5 percent. In other Tokyo trading Wednesday, the broader Tokyo Stock Price Index opened up 4.28 points, or 0.49 percent, at 873.84. On Tuesday the TOPIX fell 4.80 points, or 0.55 percent. The euro bought $1.1674, down from $1.1712 late Tuesday in Tokyo. Against the yen, the euro was lower at 137.46 from 138.43 yen. The yield on the benchmark 10-year bond slumped to 0.4450 percent from 0.4650 late Monday as investors worldwide shifted funds to bonds from stocks. Its price rose 0.19 to 100.52 points.

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