8 August 2005, 09:43  Japanese Stocks Open Lower, Dollar Up Against Yen in Early Trading

Japanese stocks fell Monday morning as traders were increasingly concerned about a crucial vote on postal reform bills later in the day. The dollar rose against the yen. The index lost 117.41 points, or 1.00 percent, to 11,649.07 points on the Tokyo Stock Exchange in the morning session. The index lost 116.83 points, or 0.98 percent Friday. Traders sold technology and banking issues amid worries that the bills could be voted against and Japan's Prime Minister Junichiro Koizumi may dissolve the Parliament's lower house to call general elections. The broader TOPIX, which includes all issues on the exchange's first section, fell 11.04 points, or 0.93 percent, to 1,178.15 points. The TOPIX fell 14. 98 points, or 1.24 percent, Friday. On Friday in New York, the Dow Jones industrial average fell 52.07, or 0.49 percent, to 10,558.03. The Nasdaq composite index fell 13.41, or 0.61 percent, to 2,177.91. In currency trading, the dollar was trading at 112.40 yen on the Tokyo foreign exchange market at 11 a.m. (0200 GMT) on Monday, up 1.01 yen from late Friday, and above the 112.03 yen it bought in New York later that day. The euro fell to US$1.2338 from US$1.2384 late Friday. The yield on the 10-year Japanese government bond rose to 1.3900 percent from Friday's finish of 1.3800 percent. Its price fell 0.08 to 99.22 points.

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